Alio Gold (ALO) Shares Down 7.7% Following Weak Earnings

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Shares of Alio Gold Inc (NYSEAMERICAN:ALO) were down 7.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $0.71 and last traded at $0.72. Approximately 502,143 shares traded hands during mid-day trading, an increase of 131% from the average daily volume of 217,655 shares. The stock had previously closed at $0.78.

The company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.02). The firm had revenue of $27.94 million during the quarter.

Several equities research analysts recently weighed in on ALO shares. Zacks Investment Research lowered Alio Gold from a “hold” rating to a “sell” rating in a report on Thursday, July 26th. Clarus Securities lowered Alio Gold from a “buy” rating to a “hold” rating in a report on Monday, August 13th. Four equities research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus target price of $2.00.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp acquired a new stake in Alio Gold in the 2nd quarter worth approximately $4,645,000. Formula Growth Ltd. bought a new position in Alio Gold in the 2nd quarter worth approximately $1,853,000. JPMorgan Chase & Co. increased its position in Alio Gold by 59.6% in the 1st quarter. JPMorgan Chase & Co. now owns 486,150 shares of the company’s stock worth $948,000 after buying an additional 181,500 shares during the period. First Manhattan Co. bought a new position in Alio Gold in the 3rd quarter worth approximately $677,000. Finally, CIBC World Markets Inc. increased its position in Alio Gold by 131.8% in the 2nd quarter. CIBC World Markets Inc. now owns 151,180 shares of the company’s stock worth $221,000 after buying an additional 85,956 shares during the period.

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About Alio Gold (NYSEAMERICAN:ALO)

Alio Gold Inc, through its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral resource properties in Mexico. It primarily sells gold and silver. The company's principal assets include its 100% owned and operating San Francisco open-pit, heap leach gold mine in Sonora, Mexico; and its 100%-owned development stage Ana Paula Project in Guerrero, Mexico.

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