Allied Gold (NYSE:AAUC) Hits New 12-Month High – Still a Buy?

Allied Gold Corporation (NYSE:AAUC) shares hit a new 52-week high during trading on Monday . The company traded as high as $26.49 and last traded at $26.18, with a volume of 100296 shares traded. The stock had previously closed at $25.12.

Analyst Ratings Changes

Several research analysts have recently issued reports on AAUC shares. Weiss Ratings initiated coverage on Allied Gold in a research note on Thursday, October 30th. They issued a “sell (d-)” rating for the company. Stifel Canada upgraded shares of Allied Gold to a “strong-buy” rating in a report on Thursday, November 6th. Finally, Zacks Research cut shares of Allied Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold”.

Allied Gold Trading Up 4.6%

The business’s 50-day simple moving average is $20.59. The stock has a market cap of $3.28 billion and a P/E ratio of -73.02.

Allied Gold (NYSE:AAUC) last posted its earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.18). Allied Gold had a positive return on equity of 24.32% and a negative net margin of 3.58%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Orion Resource Partners LP acquired a new position in Allied Gold during the second quarter worth $103,634,000. Helikon Investments Ltd increased its stake in shares of Allied Gold by 25.0% during the third quarter. Helikon Investments Ltd now owns 14,736,634 shares of the company’s stock worth $258,038,000 after purchasing an additional 2,944,721 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Allied Gold by 1,824.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock worth $20,585,000 after purchasing an additional 1,116,768 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Allied Gold during the 2nd quarter worth about $13,169,000. Finally, Millennium Management LLC lifted its stake in Allied Gold by 243.4% in the 3rd quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock valued at $11,383,000 after buying an additional 461,628 shares in the last quarter.

Allied Gold Company Profile

Allied Gold (NYSE: AAUC) is a publicly listed company that operates in the gold mining sector. The firm’s business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold’s activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.