Alio Gold (ALO) Trading Down 7.7% Following Weak Earnings

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Alio Gold Inc (NYSEAMERICAN:ALO)’s share price dropped 7.7% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $0.71 and last traded at $0.72. Approximately 502,143 shares were traded during mid-day trading, an increase of 131% from the average daily volume of 217,655 shares. The stock had previously closed at $0.78.

The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $27.94 million during the quarter.

Several brokerages have recently weighed in on ALO. Clarus Securities cut Alio Gold from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. Zacks Investment Research raised Alio Gold from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. Four analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and an average price target of $2.00.

Several hedge funds have recently modified their holdings of ALO. CIBC World Markets Inc. grew its stake in Alio Gold by 131.8% during the second quarter. CIBC World Markets Inc. now owns 151,180 shares of the company’s stock worth $221,000 after purchasing an additional 85,956 shares during the period. First Manhattan Co. acquired a new stake in Alio Gold during the third quarter worth approximately $677,000. Donald Smith & CO. Inc. grew its stake in Alio Gold by 19.6% during the second quarter. Donald Smith & CO. Inc. now owns 616,254 shares of the company’s stock worth $900,000 after purchasing an additional 100,834 shares during the period. JPMorgan Chase & Co. grew its stake in Alio Gold by 59.6% during the first quarter. JPMorgan Chase & Co. now owns 486,150 shares of the company’s stock worth $948,000 after purchasing an additional 181,500 shares during the period. Finally, Formula Growth Ltd. acquired a new stake in Alio Gold during the second quarter worth approximately $1,853,000.

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About Alio Gold (NYSEAMERICAN:ALO)

Alio Gold Inc, through its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral resource properties in Mexico. It primarily sells gold and silver. The company's principal assets include its 100% owned and operating San Francisco open-pit, heap leach gold mine in Sonora, Mexico; and its 100%-owned development stage Ana Paula Project in Guerrero, Mexico.

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