Gold Royalty (NYSE:GROY) Sees Large Volume Increase - Time to Buy?

Key Points

• Gold Royalty Corp. (NYSE:GROY) experienced a significant increase in trading volume, with 2,406,380 shares traded, which is a 38% rise from the previous session.
• Several analysts have issued buy ratings on the stock, with a consensus target price of $4.64, indicating potential for growth.
• The company has seen increased investment from institutional investors, with notable stakes being added by firms such as Bank of America and Geneos Wealth Management.

Shares of Gold Royalty Corp. (NYSE:GROY - Get Free Report) saw strong trading volume on Thursday . 2,406,380 shares traded hands during trading, an increase of 38% from the previous session's volume of 1,749,906 shares.The stock last traded at $3.61 and had previously closed at $3.65.

Wall Street Analysts Forecast Growth

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

Gold Royalty Stock Up 0.7%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.63 and a current ratio of 1.63. The company's fifty day moving average is $3.20 and its 200-day moving average is $2.27. The company has a market capitalization of $626.48 million, a PE ratio of -28.19 and a beta of 0.99.

Institutional Investors Weigh In On Gold Royalty

A number of institutional investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. grew its holdings in Gold Royalty by 68.0% during the 2nd 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 in the last quarter. BNP Paribas Financial Markets purchased a new stake in Gold Royalty during the 2nd quarter valued at approximately $216,000. Brevan Howard Capital Management LP purchased a new position in shares of Gold Royalty in the second quarter valued at $136,000. Bank of America Corp DE grew its holdings in shares of Gold Royalty by 4,195.4% in the second 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 in the last quarter. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Gold Royalty in the second quarter valued at $113,000. 33.75% of the stock is owned by hedge funds and other institutional investors.

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.

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