Galiano Gold (NYSEAMERICAN:GAU) Shares Up 14.9% - Here's What Happened

Key Points

• Galiano Gold shares rose 14.9% to $2.435, with trading volume about 26% above its daily average.
• Analysts maintain a consensus Buy rating and an average price target of $3.85; six analysts rate the stock Buy or Strong Buy, while two rate it Hold.
• Quarterly EPS of $0.09 missed the $0.12 consensus, but revenue of $172.14 million exceeded analysts’ $161.75 million estimate.

Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) was up 14.9% on Friday. The company traded as high as $2.43 and last traded at $2.4350. Approximately 3,992,422 shares traded hands during trading, an increase of 26% from the average daily volume of 3,159,854 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Freedom Broker dropped their price target on Galiano Gold from $3.60 to $3.45 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Canaccord Genuity Group upgraded Galiano Gold to a "strong-buy" rating in a research report on Thursday, August 13th. Finally, Zacks Research raised Galiano Gold from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $3.85.

Galiano Gold Price Performance

The firm has a market capitalization of $652.77 million, a P/E ratio of 9.52 and a beta of 0.87. The firm's 50 day simple moving average is $2.11 and its two-hundred day simple moving average is $2.33.

Galiano Gold (NYSEAMERICAN:GAU - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.03). The company had revenue of $172.14 million for the quarter, compared to the consensus estimate of $161.75 million. Galiano Gold had a net margin of 12.19% and a return on equity of 35.34%. As a group, equities research analysts forecast that Galiano Gold Inc. will post 0.64 EPS for the current year.

Hedge Funds Weigh In On Galiano Gold

Large investors have recently bought and sold shares of the stock. Lazard Asset Management LLC purchased a new stake in Galiano Gold during the 1st quarter valued at $1,931,000. Pale Fire Capital SE increased its position in shares of Galiano Gold by 25.9% in the second quarter. Pale Fire Capital SE now owns 5,036,654 shares of the company's stock valued at $9,419,000 after acquiring an additional 1,036,654 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Galiano Gold by 10.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,872,117 shares of the company's stock valued at $17,224,000 after acquiring an additional 672,133 shares during the last quarter. Walleye Capital LLC raised its stake in shares of Galiano Gold by 5,413.7% during the first quarter. Walleye Capital LLC now owns 1,477,180 shares of the company's stock valued at $3,708,000 after acquiring an additional 1,450,389 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Galiano Gold by 12.9% during the first quarter. Renaissance Technologies LLC now owns 5,006,653 shares of the company's stock valued at $12,567,000 after acquiring an additional 573,000 shares during the last quarter. 66.82% of the stock is owned by hedge funds and other institutional investors.

Galiano Gold Company Profile

Galiano Gold Inc is a Canadian gold producer and exploration company focused on the acquisition, development and operation of gold assets in West Africa. The company's primary asset is the Asanko Gold Mine in Ghana, which produces gold through open-pit mining and conventional processing operations.

Galiano Gold operates the Asanko Gold Mine through a partnership with the government of Ghana, which holds a minority interest. The mine is located in Ghana's Ashanti Region, an established gold-producing area, and includes multiple open-pit deposits, processing facilities and additional exploration opportunities intended to support future mineral resource growth.

The company was formerly known as Asanko Gold Inc and adopted the Galiano Gold name in 2020.

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