Allied Gold (NYSE:AAUC) Sets New 12-Month High – Still a Buy?

Allied Gold Corporation (NYSE:AAUC)’s stock price hit a new 52-week high on Monday . The company traded as high as $31.55 and last traded at $31.5620, with a volume of 1079414 shares traded. The stock had previously closed at $30.40.

Analyst Upgrades and Downgrades

Several analysts have commented on AAUC shares. Stifel Nicolaus upgraded shares of Allied Gold to a “strong-buy” rating in a research note on Thursday, November 6th. Weiss Ratings assumed coverage on Allied Gold in a report on Thursday, October 30th. They issued a “sell (d-)” rating on the stock. Finally, Zacks Research lowered Allied Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold”.

Allied Gold Stock Up 4.0%

The company has a market cap of $3.94 billion and a price-to-earnings ratio of -87.80. The business’s 50-day moving average is $23.07.

Allied Gold (NYSE:AAUC) last released its earnings results on Wednesday, November 5th. The company reported $0.29 earnings per share 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%.

Institutional Investors Weigh In On Allied Gold

Several institutional investors have recently made changes to their positions in AAUC. Orion Resource Partners LP purchased a new position in shares of Allied Gold during the 2nd quarter worth about $103,634,000. Helikon Investments Ltd lifted its stake in Allied Gold by 25.0% in the third quarter. Helikon Investments Ltd now owns 14,736,634 shares of the company’s stock worth $258,038,000 after purchasing an additional 2,944,721 shares during the last quarter. Vanguard Group Inc. lifted its stake in Allied Gold by 1,824.7% in the third quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock worth $20,585,000 after purchasing an additional 1,116,768 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Allied Gold during the second quarter valued at approximately $13,169,000. Finally, Millennium Management LLC grew its stake in shares of Allied Gold by 243.4% during the third quarter. Millennium Management LLC now owns 651,315 shares of the company’s stock valued at $11,383,000 after buying an additional 461,628 shares during the last quarter.

Allied Gold Company 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.