Allied Gold (NYSE:AAUC) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Allied Gold (NYSE:AAUC) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group upgraded Allied Gold from a “hold” rating to a “buy” rating in a research report on Monday, June 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Allied Gold in a report on Friday, April 24th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Allied Gold currently has a consensus rating of “Reduce”.

Allied Gold Trading Up 3.2%

AAUC stock opened at $21.06 on Monday. Allied Gold has a 1-year low of $11.40 and a 1-year high of $32.20. The business’s 50 day moving average is $25.01 and its 200-day moving average is $28.48. The firm has a market cap of $2.66 billion and a P/E ratio of -20.44.

Allied Gold (NYSE:AAUC) last posted its earnings results on Thursday, May 14th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.03). The company had revenue of $394.11 million for the quarter. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%. Sell-side analysts forecast that Allied Gold will post 4.52 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AAUC. Bank of America Corp DE bought a new stake in shares of Allied Gold during the second quarter worth $13,169,000. Orion Resource Partners LP bought a new position in Allied Gold in the second quarter valued at about $103,634,000. Tower Research Capital LLC TRC acquired a new stake in Allied Gold in the second quarter worth about $127,000. Vanguard Group Inc. increased its position in Allied Gold by 1,824.7% in the third 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 period. Finally, Swiss National Bank raised its holdings in Allied Gold by 16.4% during the 3rd quarter. Swiss National Bank now owns 159,166 shares of the company’s stock worth $2,783,000 after purchasing an additional 22,400 shares during 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.