Gold Royalty (NYSEAMERICAN:GROY) Shares Gap Up - Here's Why

Key Points

• Gold Royalty shares gapped higher, opening at $3.44 versus the prior close of $2.89, and later traded at $3.145.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy and one rates it Hold, with a consensus price target of $5.38.
• The company reported quarterly EPS of $0.02, matching estimates, while revenue of $10.25 million exceeded the $8.87 million consensus.

Gold Royalty Corp. (NYSEAMERICAN:GROY - Get Free Report)'s share price gapped up before the market opened on Thursday. The stock had previously closed at $2.89, but opened at $3.44. Gold Royalty shares last traded at $3.1450, with a volume of 1,202,119 shares traded.

Analyst Ratings Changes

A number of analysts have commented on GROY shares. TD Securities began coverage on shares of Gold Royalty in a research note on Thursday, October 8th. They set a "buy" rating and a $4.00 price objective for the company. TD set a $4.00 target price on shares of Gold Royalty and gave the stock a "buy" rating in a research report on Thursday, October 8th. HC Wainwright cut their price target on shares of Gold Royalty from $7.75 to $7.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, Scotiabank reduced their price target on shares of Gold Royalty from $6.00 to $5.75 and set an "outperform" rating for the company in a research report on Tuesday, July 14th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $5.38.

Gold Royalty Stock Up 4.0%

The stock has a market cap of $693.58 million, a P/E ratio of 301.80 and a beta of 1.15. The business has a 50-day simple moving average of $3.09 and a 200-day simple moving average of $3.39.

Gold Royalty (NYSEAMERICAN:GROY - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.02. Gold Royalty had a return on equity of 0.68% and a net margin of 6.65%. The firm had revenue of $10.25 million for the quarter, compared to analyst estimates of $8.87 million. On average, analysts predict that Gold Royalty Corp. will post 0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its stake in Gold Royalty by 560.4% during the 1st quarter. Renaissance Technologies LLC now owns 2,016,825 shares of the company's stock worth $7,220,000 after buying an additional 1,711,425 shares during the period. U S Global Investors Inc. acquired a new position in Gold Royalty in the third quarter valued at about $5,125,000. Extract Advisors LLC acquired a new position in Gold Royalty in the first quarter valued at about $4,827,000. Groupe la Francaise increased its holdings in shares of Gold Royalty by 88.9% in the first quarter. Groupe la Francaise now owns 1,700,000 shares of the company's stock worth $6,067,000 after acquiring an additional 800,000 shares in the last quarter. Finally, Amundi increased its holdings in shares of Gold Royalty by 20.0% in the first quarter. Amundi now owns 3,000,000 shares of the company's stock worth $10,740,000 after acquiring an additional 500,000 shares in the last quarter. 33.75% of the stock is owned by institutional investors.

About Gold Royalty

Gold Royalty Corp. is a precious-metals royalty and streaming company focused primarily on gold. Rather than operating mines directly, the company provides capital to mining companies in exchange for royalty interests, streams and other contractual rights tied to future production or revenue from mineral projects.

Gold Royalty's portfolio includes interests in exploration, development and producing properties, with exposure concentrated in the Americas. Its assets span mining jurisdictions including Canada, the United States, Mexico and other countries in Latin America.

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