Zacks Research Upgrades Allied Gold (NYSE:AAUC) to Hold

Allied Gold (NYSE:AAUC) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

AAUC has been the topic of a number of other reports. Stifel Nicolaus raised Allied Gold from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allied Gold in a report on Tuesday, July 21st. Canaccord Genuity Group raised Allied Gold from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. National Bank Financial cut Allied Gold to a “hold” rating in a report on Wednesday, July 29th. Finally, Canadian Imperial Bank of Commerce upgraded Allied Gold to an “outperform” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Allied Gold Stock Performance

NYSE:AAUC opened at $23.27 on Tuesday. Allied Gold has a 52-week low of $13.00 and a 52-week high of $32.20. The stock has a fifty day moving average of $22.49 and a 200 day moving average of $27.49. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of -43.10 and a beta of -0.22.

Allied Gold (NYSE:AAUC) last announced its earnings results on Wednesday, August 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.19. Allied Gold had a positive return on equity of 41.36% and a negative net margin of 4.19%. Equities analysts forecast that Allied Gold will post 3.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allied Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Wyoming purchased a new stake in shares of Allied Gold during the first quarter worth about $34,000. Global Retirement Partners LLC purchased a new position in Allied Gold during the 4th quarter valued at about $34,000. Public Employees Retirement System of Ohio raised its position in Allied Gold by 11.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock valued at $363,000 after purchasing an additional 2,214 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in Allied Gold by 31.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 14,682 shares of the company’s stock worth $337,000 after buying an additional 3,484 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Allied Gold by 54.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company’s stock worth $280,000 after buying an additional 5,627 shares during the period.

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.