Gold Royalty (NYSE:GROY) Shares Up 5.8% - Time to Buy?

Key Points

• Gold Royalty Corp. shares rose by 5.8% to $3.94, although trading volume dropped by 17% compared to average session levels.
• Analysts have a positive outlook with a consensus rating of "Buy" and a projected price target of $4.64, with several firms issuing increased target prices.
• Institutional investors have recently increased their holdings, with over 33% of the stock currently owned by hedge funds and institutional investors.

Gold Royalty Corp. (NYSE:GROY - Get Free Report) shares shot up 5.8% during mid-day trading on Friday . The stock traded as high as $3.95 and last traded at $3.94. 1,476,542 shares were traded during trading, a decline of 17% from the average session volume of 1,786,941 shares. The stock had previously closed at $3.72.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GROY. National Bankshares reaffirmed an "outperform" rating on shares of Gold Royalty in a report on Wednesday, July 16th. Canaccord Genuity Group initiated coverage on shares of Gold Royalty in a research report on Wednesday, June 11th. They issued a "buy" rating and a $3.00 target price for the company. Scotiabank reiterated an "outperform" rating on shares of Gold Royalty in a research report on Monday, August 11th. HC Wainwright increased their target price on shares of Gold Royalty from $5.75 to $6.25 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Maxim Group initiated coverage on shares of Gold Royalty in a research report on Thursday, September 11th. They issued a "buy" rating and a $6.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Gold Royalty currently has a consensus rating of "Buy" and a consensus price target of $4.64.

Gold Royalty Trading Up 3.9%

The stock has a market capitalization of $658.87 million, a price-to-earnings ratio of -29.73 and a beta of 0.99. The company's 50-day moving average is $3.22 and its 200-day moving average is $2.28. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Gold Royalty

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. raised 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 acquiring an additional 6,800 shares during the period. PFG Investments LLC acquired a new position in shares of Gold Royalty in the 2nd quarter worth approximately $43,000. Walleye Capital LLC acquired a new position in shares of Gold Royalty in the 2nd quarter worth approximately $44,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Gold Royalty in the 2nd quarter worth approximately $67,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Gold Royalty in the 2nd quarter worth approximately $100,000. 33.75% of the stock is currently owned by institutional investors and hedge funds.

About Gold Royalty

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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