Gold Royalty (NYSE:GROY) Stock Price Down 5.7% – Here’s Why

Gold Royalty Corp. (NYSE:GROY) fell 5.7% during trading on Wednesday . The stock traded as low as $4.88 and last traded at $4.9150. 4,435,707 shares traded hands during trading, an increase of 18% from the average session volume of 3,756,490 shares. The stock had previously closed at $5.21.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GROY. Raymond James Financial set a $4.50 price objective on shares of Gold Royalty and gave the company an “outperform” rating in a report on Friday, October 10th. Zacks Research upgraded Gold Royalty from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. HC Wainwright lifted their price target on Gold Royalty from $6.25 to $7.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. National Bankshares reaffirmed an “outperform” rating and set a $5.50 price objective on shares of Gold Royalty in a research report on Wednesday, December 10th. Finally, Scotiabank set a $5.00 target price on Gold Royalty and gave the stock an “outperform” rating in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $5.11.

Gold Royalty Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market cap of $973.63 million, a price-to-earnings ratio of -37.92 and a beta of 0.98. The stock has a 50-day moving average price of $4.19 and a 200 day moving average price of $3.61.

Institutional Investors Weigh In On Gold Royalty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amundi acquired a new stake in shares of Gold Royalty in the first quarter valued at approximately $695,000. Goldman Sachs Group Inc. raised its holdings in shares of Gold Royalty by 140.7% in the first quarter. Goldman Sachs Group Inc. now owns 99,504 shares of the company’s stock valued at $143,000 after buying an additional 58,172 shares during the last quarter. PFG Investments LLC purchased a new stake in shares of Gold Royalty in the second quarter valued at about $43,000. JPMorgan Chase & Co. boosted its stake in shares of Gold Royalty by 1,918.6% during the second quarter. JPMorgan Chase & Co. now owns 1,042,141 shares of the company’s stock worth $2,303,000 after buying an additional 990,515 shares during the period. Finally, XTX Topco Ltd grew its holdings in shares of Gold Royalty by 496.9% during the second quarter. XTX Topco Ltd now owns 377,394 shares of the company’s stock worth $834,000 after buying an additional 314,170 shares during the last quarter. Hedge funds and other institutional investors own 33.75% of the company’s stock.

About Gold Royalty

Gold Royalty Corp (NYSE: GROY) is a precious metals-focused royalty and streaming company with a dedicated emphasis on gold. Through the acquisition and management of royalty, stream, and similar interests, the company gains exposure to a diversified portfolio of producing mines, advanced-stage development projects, and exploration assets. By taking a passive owner role, Gold Royalty receives a share of production or revenue from its partner operators without bearing the full costs and risks of mine development.

The company’s business model centers on securing cash flows from producing assets while simultaneously pursuing growth via royalties on projects at earlier stages.