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AngloGold Ashanti Limited (NYSE: AU): On The Right Track To A Higher Share Price

AngloGold Ashanti Limited (NYSE:AU) price on Friday, March 17, rose 5.58% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $20.64.

A look at the stock’s price movement, the close in the last trading session was $19.55, moving within a range at $19.77 and $20.995. The beta value (5-Year monthly) was 0.30 while the PE ratio in trailing twelve months stood at 29.19. Turning to its 52-week performance, $25.27 and $11.94 were the 52-week high and 52-week low respectively. Overall, AU moved 11.69% over the past month.

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AngloGold Ashanti Limited’s market cap currently stands at around $8.38 billion. The company has a Forward Dividend ratio of 0.46, with its dividend yield at 2.24%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.

Wall Street analysts have also projected the company’s year-on-year revenue for 2021 to grow to $4.03 billion, representing a -9.00% decline on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that AU is a Hold. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.

11 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 6 recommend AU as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 1 say it is a Sell. As such, the average rating for the stock is Overweight which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

The technical evaluation for the stock shows the PEG ratio is 2.75, with AU’s current price about 16.19% and 4.08% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 67.68, while 7-day volatility ratio is 4.33% and 2.78% in the 30-day chart. Further, AngloGold Ashanti Limited (AU) has a beta value of 0.63, and an average true range (ATR) of 0.78. Analysts have given the company’s stock an average 52-week price target of $20.87, forecast between a low of $16.00 and high of $24.70. Looking at the price targets, the low is 22.48% off current price level while to achieve the yearly target high, price needs to move -19.67%. Nonetheless, investors will most likely welcome a -4.17% jump to $21.50 which is the analysts’ median price.

In the market, a comparison of AngloGold Ashanti Limited (AU) and its peers suggest the former has performed considerably stronger. Data shows AU’s intraday price has changed 5.58% in last session and -11.49% over the past year. Comparatively, Kellogg Company (K) has moved -0.35% on the day and only 6.20% in the past 12 months. Looking at another peer, we see that Barrick Gold Corporation (GOLD) price has gained 4.14% on the day. However, the stock is -22.13% off its price a year ago. Moreover, Gold Fields Limited (GFI) is also up 6.45% in trading on the day while keeping a a downtrend of -26.57% over the past year. If we look at the PE ratio, we find that AngloGold Ashanti Limited’s ratio stands at 29.19 compared to Kellogg Company’s 23.07 and Barrick Gold Corporation’s 75.82. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on AngloGold Ashanti Limited (NYSE:AU), historical trading data shows that trading volumes averaged 4.64 million over the past 10 days and 2.95 million over the past 3 months. The company’s latest data on shares outstanding shows there are 419.99 million shares.

The 3.10% of AngloGold Ashanti Limited’s shares are in the hands of company insiders while institutional holders own 27.10% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 6.0 million on Jan 30, 2023, giving us a short ratio of 2.07. The data shows that as of Jan 30, 2023 short interest in AngloGold Ashanti Limited (AU) stood at 1.43% of shares outstanding, with shares short falling to 6.42 million registered in Dec 29, 2022. Current price change has pushed the stock 6.28% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the AU stock continues to rise going into the next quarter.

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