Gold Royalty (NYSE:GROY) Reaches New 1-Year High - Here's Why

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 during trading on Monday . The company traded as high as $4.03 and last traded at $3.89, with a volume of 566984 shares trading hands. The stock had previously closed at $3.84.

Wall Street Analysts Forecast Growth

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

Gold Royalty Stock Performance

The company has a market cap of $649.49 million, a PE ratio of -29.31 and a beta of 0.99. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average of $2.96 and a 200-day moving average of $2.12.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. boosted its position in shares of Gold Royalty by 68.0% during the second quarter. Geneos Wealth Management Inc. now owns 16,800 shares of the company's stock valued at $37,000 after buying an additional 6,800 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Gold Royalty in the second quarter worth $216,000. Brevan Howard Capital Management LP purchased a new position in Gold Royalty in the second quarter worth $136,000. Bank of America Corp DE grew its stake in Gold Royalty by 4,195.4% in the 2nd quarter. Bank of America Corp DE now owns 98,794 shares of the company's stock valued at $218,000 after purchasing an additional 96,494 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of Gold Royalty during the 2nd quarter valued at $113,000. Hedge funds and other institutional investors own 33.75% of the company's stock.

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.