Scotiabank Issues Pessimistic Forecast for Gold Royalty (NYSE:GROY) Stock Price

Gold Royalty (NYSE:GROY) had its target price reduced by equities researchers at Scotiabank from $2.50 to $2.25 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 77.17% from the stock’s current price.

Separately, HC Wainwright dropped their price target on shares of Gold Royalty from $5.75 to $5.50 and set a “buy” rating on the stock in a research report on Tuesday, November 5th.

Gold Royalty Price Performance

NYSE GROY opened at $1.27 on Monday. Gold Royalty has a 12 month low of $1.17 and a 12 month high of $2.21. The firm has a market capitalization of $214.72 million, a price-to-earnings ratio of -9.69 and a beta of 0.94. The company’s 50 day moving average is $1.39. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.09.

Gold Royalty (NYSE:GROY) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $2.06 million for the quarter. Gold Royalty had a positive return on equity of 0.46% and a negative net margin of 252.16%. Sell-side analysts anticipate that Gold Royalty will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GROY. AlphaQ Advisors LLC lifted its holdings in shares of Gold Royalty by 62.2% in the second quarter. AlphaQ Advisors LLC now owns 84,260 shares of the company’s stock valued at $119,000 after purchasing an additional 32,315 shares in the last quarter. Van ECK Associates Corp boosted its position in Gold Royalty by 11.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,662,679 shares of the company’s stock worth $9,394,000 after acquiring an additional 709,002 shares during the period. Regal Partners Ltd increased its holdings in shares of Gold Royalty by 101.9% in the 2nd quarter. Regal Partners Ltd now owns 83,017 shares of the company’s stock valued at $120,000 after purchasing an additional 41,899 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Gold Royalty in the second quarter worth approximately $1,345,000. Finally, Marshall Wace LLP acquired a new stake in shares of Gold Royalty during the second quarter worth approximately $148,000. 33.75% of the stock is currently owned by institutional investors and hedge funds.

About Gold Royalty

Gold Royalty Corp., a precious metals-focused royalty company, provides financing solutions to the metals and mining industry. It focuses on acquiring royalties, streams, and similar interests at varying stages of the mine life cycle to build a portfolio offering near, medium, and longer-term returns for its investors.