HC Wainwright Issues Pessimistic Forecast for Galiano Gold (NYSEAMERICAN:GAU) Stock Price

Galiano Gold (NYSEAMERICAN:GAU) had its price target dropped by analysts at HC Wainwright from $3.10 to $2.80 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 145.61% from the stock’s previous close.

Several other brokerages have also issued reports on GAU. BMO Capital Markets lowered Galiano Gold from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Eight Capital upgraded shares of Galiano Gold to a “strong-buy” rating in a report on Tuesday, November 19th.

Galiano Gold Trading Down 3.4 %

Shares of GAU opened at $1.14 on Wednesday. Galiano Gold has a 12-month low of $0.80 and a 12-month high of $2.00. The firm has a market capitalization of $293.07 million, a P/E ratio of -57.00 and a beta of 1.06.

Galiano Gold (NYSEAMERICAN:GAU) last posted its earnings results on Thursday, November 7th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.04. The business had revenue of $71.13 million during the quarter. As a group, sell-side analysts forecast that Galiano Gold will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Galiano Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Donald Smith & CO. Inc. increased its position in shares of Galiano Gold by 33.3% in the third quarter. Donald Smith & CO. Inc. now owns 23,881,323 shares of the company’s stock valued at $33,911,000 after acquiring an additional 5,961,685 shares during the period. Van ECK Associates Corp increased its holdings in Galiano Gold by 43.3% during the 3rd quarter. Van ECK Associates Corp now owns 6,854,000 shares of the company’s stock valued at $9,733,000 after purchasing an additional 2,070,000 shares during the period. Marshall Wace LLP increased its holdings in Galiano Gold by 208.8% during the 2nd quarter. Marshall Wace LLP now owns 1,498,359 shares of the company’s stock valued at $2,577,000 after purchasing an additional 1,013,141 shares during the period. The Manufacturers Life Insurance Company bought a new position in Galiano Gold during the 3rd quarter valued at approximately $639,000. Finally, JPMorgan Chase & Co. purchased a new stake in Galiano Gold in the 3rd quarter worth approximately $147,000. Institutional investors own 66.82% of the company’s stock.

About Galiano Gold

Galiano Gold Inc engages in the exploration and evaluation of gold properties in Canada. Its flagship asset is the Asanko Gold Mine that covers an area of approximately 21,000 hectares located in Ghana, West Africa. The company was formerly known as Asanko Gold Inc and changed its name to Galiano Gold Inc in May 2020.