SummitTX Capital L.P. Purchases New Shares in Allied Gold Corporation $AAUC

SummitTX Capital L.P. acquired a new stake in Allied Gold Corporation (NYSE:AAUC) during the first quarter, HoldingsChannel reports. The fund acquired 65,100 shares of the company’s stock, valued at approximately $2,021,000.

Several other large investors have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of Allied Gold during the first quarter worth $34,000. Global Retirement Partners LLC acquired a new position in shares of Allied Gold in the fourth quarter valued at about $34,000. Tower Research Capital LLC TRC acquired a new position in shares of Allied Gold in the second quarter valued at about $127,000. Virtu Financial LLC bought a new position in Allied Gold during the fourth quarter worth about $245,000. Finally, Kovack Advisors Inc. bought a new position in Allied Gold during the fourth quarter worth about $255,000.

Allied Gold Stock Performance

NYSE:AAUC opened at $20.87 on Wednesday. The stock has a fifty day moving average price of $24.27 and a 200-day moving average price of $28.38. The company has a market cap of $2.64 billion and a price-to-earnings ratio of -20.26. Allied Gold Corporation has a fifty-two week low of $11.40 and a fifty-two week high of $32.20.

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

Analyst Ratings Changes

Several analysts have weighed in on AAUC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allied Gold in a research note on Tuesday, July 21st. Canaccord Genuity Group upgraded shares of Allied Gold from a “hold” rating to a “buy” rating in a research report on Monday, June 1st. Finally, Zacks Research cut shares of Allied Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce”.

Allied Gold 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.