Zacks Research Downgrades Allied Gold (NYSE:AAUC) to Strong Sell

Allied Gold (NYSE:AAUC) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the company. Canaccord Genuity Group upgraded Allied Gold from a “hold” rating to a “buy” rating in a research report on Monday, June 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allied Gold in a research report on Friday, April 24th. 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 a consensus rating of “Reduce”.

Allied Gold Trading Up 3.2%

AAUC stock opened at $21.06 on Monday. The firm has a 50 day moving average of $25.01 and a 200-day moving average of $28.48. Allied Gold has a 12-month low of $11.40 and a 12-month high of $32.20. The company has a market cap of $2.66 billion and a price-to-earnings ratio of -20.44.

Allied Gold (NYSE:AAUC) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.39 earnings per share 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 firm had revenue of $394.11 million during the quarter. Sell-side analysts forecast that Allied Gold will post 4.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allied Gold

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

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.