Allied Gold (NYSE:AAUC) Sees Large Volume Increase – Here’s Why

Allied Gold Corporation (NYSE:AAUC) shares saw an uptick in trading volume on Friday . 178,394 shares traded hands during mid-day trading, an increase of 126% from the previous session’s volume of 79,098 shares.The stock last traded at $18.24 and had previously closed at $18.39.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Zacks Research upgraded shares of Allied Gold to a “hold” rating in a research report on Thursday, August 14th. Cormark upgraded shares of Allied Gold to a “moderate buy” rating in a research note on Friday, August 8th. Finally, Wall Street Zen lowered Allied Gold from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Allied Gold Stock Performance

The company has a market capitalization of $2.10 billion and a PE ratio of -28.46.

Institutional Investors Weigh In On Allied Gold

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Orion Resource Partners LP acquired a new stake in shares of Allied Gold during the 2nd quarter valued at $103,634,000. Bank of America Corp DE purchased a new position in Allied Gold in the 2nd quarter worth about $13,169,000. Finally, Tower Research Capital LLC TRC purchased a new position in Allied Gold in the 2nd quarter worth about $127,000.

About Allied Gold

Allied Gold Corporation is a gold producer. It operates a portfolio of producing assets and development projects located principally in Cote d’Ivoire, Mali and Ethiopia. Allied Gold Corporation is based in Canada.