Allied Gold Corporation (NYSE:AAUC) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of Allied Gold Corporation (NYSE:AAUC) have been assigned a consensus recommendation of “Reduce” from the four brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and three have given a hold recommendation to the company.

Several research firms recently weighed in on AAUC. Canaccord Genuity Group lowered shares of Allied Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Stifel Nicolaus downgraded Allied Gold from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Allied Gold in a research report on Tuesday, January 27th. Finally, Zacks Research downgraded Allied Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th.

Hedge Funds Weigh In On Allied Gold

A number of institutional investors and hedge funds have recently bought and sold shares of AAUC. Global Retirement Partners LLC acquired a new stake in Allied Gold in the fourth quarter valued at approximately $34,000. Tower Research Capital LLC TRC acquired a new position in shares of Allied Gold during the second quarter worth $127,000. Virtu Financial LLC purchased a new position in shares of Allied Gold in the fourth quarter valued at $245,000. Kovack Advisors Inc. acquired a new stake in Allied Gold during the 4th quarter valued at $255,000. Finally, Investment Management Corp of Ontario acquired a new stake in Allied Gold during the 4th quarter valued at $268,000.

Allied Gold Stock Up 0.4%

AAUC opened at $31.34 on Wednesday. Allied Gold has a 52-week low of $8.67 and a 52-week high of $32.08. The company has a 50 day moving average of $30.41 and a two-hundred day moving average of $22.79. The company has a market cap of $3.92 billion and a P/E ratio of -87.05.

About Allied Gold

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.