Galiano Gold (NYSEAMERICAN:GAU) Sees Strong Trading Volume Following Analyst Upgrade

Galiano Gold Inc. (NYSEAMERICAN:GAU) saw an uptick in trading volume on Friday after Scotiabank upgraded the stock to a hold rating. 3,129,901 shares were traded during trading, an increase of 71% from the previous session’s volume of 1,828,963 shares.The stock last traded at $2.4350 and had previously closed at $2.36.

Separately, HC Wainwright upped their target price on Galiano Gold from $2.80 to $3.20 and gave the stock a “buy” rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Galiano Gold currently has an average rating of “Hold” and a consensus price target of $3.20.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GAU. Bank of America Corp DE boosted its position in shares of Galiano Gold by 465.0% in the third quarter. Bank of America Corp DE now owns 7,551,829 shares of the company’s stock valued at $16,539,000 after acquiring an additional 6,215,190 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Galiano Gold during the 3rd quarter valued at $11,515,000. Arrowstreet Capital Limited Partnership boosted its holdings in Galiano Gold by 3,458.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,166,956 shares of the company’s stock valued at $11,291,000 after purchasing an additional 5,021,749 shares during the period. Aegis Financial Corp boosted its holdings in Galiano Gold by 162.5% in the 2nd quarter. Aegis Financial Corp now owns 6,505,921 shares of the company’s stock valued at $8,250,000 after purchasing an additional 4,027,090 shares during the period. Finally, Millennium Management LLC grew its position in Galiano Gold by 7,622.3% in the 3rd quarter. Millennium Management LLC now owns 3,885,011 shares of the company’s stock worth $8,491,000 after purchasing an additional 3,834,702 shares during the last quarter. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Galiano Gold Trading Up 3.0%

The firm’s fifty day moving average price is $2.43 and its 200-day moving average price is $1.93. The company has a market cap of $629.05 million, a P/E ratio of -80.97 and a beta of 0.65.

About Galiano Gold

Galiano Gold Inc engages in the exploration and evaluation of gold properties in Canada. Its flagship asset is the Asanko Gold Mine that covers an area of approximately 21,000 hectares located in Ghana, West Africa. The company was formerly known as Asanko Gold Inc and changed its name to Galiano Gold Inc in May 2020.