Galiano Gold (NYSEAMERICAN:GAU) Shares Down 2.9% - Time to Sell?

Key Points

• Galiano Gold shares fell 2.9% to about $2.00 in midday trading, with volume below its average; the stock remains below both its 50-day and 200-day moving averages.
• Analyst sentiment remains positive overall: the stock has a consensus “Buy” rating and a $4.25 target price, despite one recent upgrade only moving the shares from “strong sell” to “hold.”
• Galiano slightly missed quarterly EPS expectations ($0.09 versus $0.10) but exceeded revenue forecasts, reporting $183.75 million against $151.85 million; institutional investors own 66.82% of the company.

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) were down 2.9% on Thursday. The company traded as low as $1.98 and last traded at $2.00. 1,916,433 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 2,515,408 shares. The stock had previously closed at $2.06.

Analyst Upgrades and Downgrades

GAU has been the topic of several research analyst reports. Canaccord Genuity Group raised Galiano Gold to a "strong-buy" rating in a research note on Thursday, August 13th. Zacks Research upgraded shares of Galiano Gold from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $4.25.

Galiano Gold Trading Down 2.9%

The stock has a market cap of $523.06 million, a P/E ratio of 7.69 and a beta of 0.92. The stock's fifty day moving average price is $2.07 and its 200 day moving average price is $2.22.

Galiano Gold (NYSEAMERICAN:GAU - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). Galiano Gold had a return on equity of 35.34% and a net margin of 12.19%.The business had revenue of $183.75 million during the quarter, compared to the consensus estimate of $151.85 million. As a group, sell-side analysts forecast that Galiano Gold Inc. will post 0.57 earnings per share for the current year.

Hedge Funds Weigh In On Galiano Gold

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd bought a new stake in shares of Galiano Gold in the 4th quarter worth approximately $55,000. Two Sigma Securities LLC grew its stake in shares of Galiano Gold by 65.4% in the 2nd quarter. Two Sigma Securities LLC now owns 24,862 shares of the company's stock worth $46,000 after buying an additional 9,828 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Galiano Gold during the 1st quarter valued at approximately $139,000. Dimensional Fund Advisors LP increased its position in Galiano Gold by 109.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 191,664 shares of the company's stock valued at $481,000 after buying an additional 100,202 shares in the last quarter. Finally, Engineers Gate Manager LP raised its stake in Galiano Gold by 63.3% during the second quarter. Engineers Gate Manager LP now owns 260,028 shares of the company's stock valued at $486,000 after buying an additional 100,778 shares during the last quarter. Institutional investors own 66.82% of the company's stock.

About Galiano Gold

Galiano Gold Inc is a Canadian gold exploration, development and mining company focused on West Africa. The company's flagship asset is the Asanko Gold Mine, located in Ghana's Ashanti Region, where it explores for, develops and produces gold.

The Asanko Gold Mine was developed through a joint venture involving the former Asanko Gold and PMI Gold, with commercial production beginning in 2016. Galiano Gold assumed its current name in 2020 as part of a broader corporate rebranding. The company has subsequently focused on operating and expanding the mine, as well as pursuing exploration opportunities within its Ghanaian land package.

Galiano Gold's activities include mine operations, mineral exploration, resource evaluation, project development and related processing activities.

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