Allied Gold (NYSE:AAUC) Cut to Strong Sell at Zacks Research

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

A number of other research firms have also weighed in on AAUC. Canaccord Genuity Group raised Allied Gold from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Allied Gold in a research report on Friday, April 24th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

Allied Gold Stock Up 2.8%

Shares of NYSE AAUC opened at $21.62 on Monday. Allied Gold has a 52 week low of $11.40 and a 52 week high of $32.20. The company has a market cap of $2.74 billion and a P/E ratio of -21.00. The business has a 50-day simple moving average of $24.85 and a two-hundred day simple moving average of $28.47.

Allied Gold (NYSE:AAUC) last announced its earnings results on Thursday, May 14th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). Allied Gold had a negative net margin of 9.08% and a positive return on equity of 36.56%. The company had revenue of $394.11 million during the quarter. Equities research analysts anticipate that Allied Gold will post 4.52 EPS for the current year.

Hedge Funds Weigh In On Allied Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. UBS Group AG lifted its stake in Allied Gold by 3,921.0% in the fourth quarter. UBS Group AG now owns 4,042,883 shares of the company’s stock worth $92,501,000 after acquiring an additional 3,942,340 shares during the period. Vanguard Group Inc. increased its position in Allied Gold by 106.7% during the 4th quarter. Vanguard Group Inc. now owns 2,435,409 shares of the company’s stock valued at $55,805,000 after purchasing an additional 1,257,438 shares during the period. International Assets Investment Management LLC purchased a new position in Allied Gold during the 4th quarter valued at $429,000. Helikon Investments Ltd raised its holdings in Allied Gold by 12.0% in the 4th quarter. Helikon Investments Ltd now owns 16,498,498 shares of the company’s stock worth $377,486,000 after purchasing an additional 1,761,864 shares in the last quarter. Finally, U S Global Investors Inc. bought a new position in Allied Gold in the 4th quarter worth $5,565,000.

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.