Gold Royalty (NYSE:GROY) Hits New 1-Year High - Still a Buy?

Key Points

• Gold Royalty Corp. (NYSE:GROY) hit a new 12-month high with a stock price reaching $4.03 and last trading at $3.89.
• Analysts have set a positive outlook for GROY, with four firms rating it as "Buy" and a target average price of $4.18.
• Institutional investors are increasing their stakes in Gold Royalty, with notable purchases from firms like Geneos Wealth Management, raising their holdings by 68%.

Shares of Gold Royalty Corp. (NYSE:GROY - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $4.03 and last traded at $3.89, with a volume of 566984 shares changing hands. The stock had previously closed at $3.84.

Analyst Upgrades and Downgrades

GROY has been the subject of a number of research analyst reports. HC Wainwright raised their price target on Gold Royalty from $5.75 to $6.25 and gave the company a "buy" rating in a research report on Thursday, August 7th. National Bankshares reaffirmed an "outperform" rating on shares of Gold Royalty in a research note on Wednesday, July 16th. Canaccord Genuity Group initiated coverage on Gold Royalty in a research note on Wednesday, June 11th. They set a "buy" rating and a $3.00 price objective on the stock. Maxim Group initiated coverage on Gold Royalty in a research note on Thursday. They set a "buy" rating and a $6.00 price objective on the stock. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Gold Royalty in a research note on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $4.64.

Gold Royalty Trading Up 2.4%

The business has a 50 day simple moving average of $2.99 and a 200-day simple moving average of $2.14. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $649.49 million, a price-to-earnings ratio of -29.31 and a beta of 0.99.

Hedge Funds Weigh In On Gold Royalty

Hedge funds and other institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its stake in shares of Gold Royalty by 68.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 16,800 shares of the company's stock valued at $37,000 after purchasing an additional 6,800 shares in the last quarter. PFG Investments LLC acquired a new position in shares of Gold Royalty in the 2nd quarter valued at about $43,000. Walleye Capital LLC acquired a new position in shares of Gold Royalty in the 2nd quarter valued at about $44,000. Total Wealth Planning & Management Inc. acquired a new position in shares of Gold Royalty in the 4th quarter valued at about $31,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Gold Royalty in the 2nd quarter valued at about $67,000. 33.75% of the stock is owned by institutional investors and hedge funds.

Gold Royalty Company Profile

Gold Royalty Corp., a precious metals-focused royalty company, provides financing solutions to the metals and mining industry. It focuses on acquiring royalties, streams, and similar interests at varying stages of the mine life cycle to build a portfolio offering near, medium, and longer-term returns for its investors.