NEW YORK ( TheStreet) -- Allied Nevada Gold (AMEX: ANV) is trading at unusually high volume Thursday with three million shares changing hands. It is currently at four times its average daily volume and trading up $1.87 (+6.3%) at $31.61 as of 3:50 p.m. ET. Allied Nevada has a market cap of $2.71 billion and is part of the basic materials sector and metals & mining industry. Shares are up 15.5% year to date as of the close of trading on Wednesday. Allied Nevada Gold Corp., together with its subsidiaries, engages in the evaluation, acquisition, exploration, and advancement of gold exploration and development projects in the state of Nevada. The company has a P/E ratio of 108.5, equal to the average metals & mining industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Allied Nevada as a buy. The company's strengths can be seen in multiple areas, such as its increase in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full Allied Nevada Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. Interested in other stocks that are rising on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVUP to 95370 or select from multiple alert options.