Galiano Gold (NYSEAMERICAN:GAU) Stock Price Up 5.5% - Here's Why

Key Points

• Galiano Gold shares rose 5.5% to about $2.06, although trading volume was 85% below the stock’s average daily volume.
• Analyst sentiment improved, with recent upgrades including a “strong-buy” rating from Canaccord Genuity and a “hold” upgrade from Zacks Research. The consensus rating is “Buy,” with a target price of $4.25.
• Institutional investors increased their positions, and hedge funds and other institutions now own 66.82% of the company. The company’s latest quarter included $183.75 million in revenue, above expectations, but earnings per share slightly missed estimates.

Shares of Galiano Gold Inc. (NYSEAMERICAN:GAU - Get Free Report) rose 5.5% on Thursday. The stock traded as high as $2.07 and last traded at $2.0580. 486,342 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 3,220,904 shares. The stock had previously closed at $1.95.

Wall Street Analyst Weigh In

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

Galiano Gold Trading Up 5.4%

The firm has a market cap of $538.51 million, a P/E ratio of 7.90 and a beta of 0.87. The stock has a 50 day simple moving average of $2.10 and a 200-day simple moving average of $2.17.

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

Hedge Funds Weigh In On Galiano Gold

Institutional investors and hedge funds have recently made changes to their positions in the business. Aegis Financial Corp raised its stake in shares of Galiano Gold by 120.4% in the second quarter. Aegis Financial Corp now owns 14,125,317 shares of the company's stock valued at $26,387,000 after acquiring an additional 7,715,996 shares during the period. Walleye Capital LLC boosted its stake in shares of Galiano Gold by 5,413.7% during the 1st quarter. Walleye Capital LLC now owns 1,477,180 shares of the company's stock worth $3,708,000 after purchasing an additional 1,450,389 shares during the period. Pale Fire Capital SE grew its holdings in Galiano Gold by 25.9% during the 2nd quarter. Pale Fire Capital SE now owns 5,036,654 shares of the company's stock valued at $9,419,000 after purchasing an additional 1,036,654 shares during the last quarter. Lazard Asset Management LLC bought a new position in Galiano Gold during the 1st quarter valued at about $1,931,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Galiano Gold by 10.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,872,117 shares of the company's stock worth $17,224,000 after purchasing an additional 672,133 shares during the period. 66.82% of the stock is owned by hedge funds and other institutional investors.

About Galiano Gold

Galiano Gold Inc is a Canadian gold exploration, development and production company focused on West Africa. The company's primary asset is the Asanko Gold Mine, an open-pit mining operation located in Ghana's Ashanti Region.

Galiano serves as operator of the Asanko Gold Mine, which it jointly owns with Gold Fields Limited and the government of Ghana. The operation produces gold doré and includes a processing plant, open-pit mining areas and associated infrastructure. Galiano also conducts exploration and resource-development activities in the surrounding region.

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

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