Allied Gold (NYSE:AAUC) Reaches New 52-Week High – Time to Buy?

Allied Gold Corporation (NYSE:AAUC)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $25.20 and last traded at $25.1250, with a volume of 486591 shares. The stock had previously closed at $23.71.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AAUC. Weiss Ratings assumed coverage on Allied Gold in a research note on Thursday, October 30th. They issued a “sell (d-)” rating for the company. Stifel Canada upgraded Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. Finally, Zacks Research raised Allied Gold from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Allied Gold has an average rating of “Buy”.

Allied Gold Stock Up 6.0%

The stock’s 50-day moving average is $19.94. The company has a market cap of $3.13 billion and a P/E ratio of -69.79.

Allied Gold (NYSE:AAUC) last posted its earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.18). Allied Gold had a negative net margin of 3.58% and a positive return on equity of 24.32%.

Hedge Funds Weigh In On Allied Gold

A number of hedge funds have recently bought and sold shares of AAUC. Tower Research Capital LLC TRC purchased a new stake in shares of Allied Gold in the second quarter valued at approximately $127,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Allied Gold by 54.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company’s stock valued at $280,000 after acquiring an additional 5,627 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Allied Gold by 11.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company’s stock worth $363,000 after acquiring an additional 2,214 shares in the last quarter. Susquehanna International Group LLP acquired a new position in Allied Gold during the third quarter worth $366,000. Finally, Cibc World Market Inc. raised its position in Allied Gold by 54.4% during the third quarter. Cibc World Market Inc. now owns 22,690 shares of the company’s stock worth $396,000 after acquiring an additional 7,991 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.