Eldorado Gold Co. (NYSE:EGO – Get Free Report) (TSE:ELD) was the target of a significant drop in short interest in August. As of August 15th, there was short interest totalling 2,900,000 shares, a drop of 7.9% from the July 31st total of 3,150,000 shares. Approximately 1.4% of the company’s stock are short sold. Based on an average daily volume of 1,330,000 shares, the short-interest ratio is presently 2.2 days.
Analyst Upgrades and Downgrades
EGO has been the subject of a number of research reports. StockNews.com upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Monday. CSFB decreased their price target on Eldorado Gold from $10.75 to $9.00 and set an “underperform” rating for the company in a research note on Thursday, August 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $9.50 price target on shares of Eldorado Gold in a research note on Tuesday, August 8th. National Bank Financial upgraded Eldorado Gold from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, June 7th. Finally, BMO Capital Markets started coverage on Eldorado Gold in a research note on Friday, June 9th. They issued an “outperform” rating and a C$17.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.49.
Institutional Investors Weigh In On Eldorado Gold
A number of hedge funds have recently made changes to their positions in EGO. C M Bidwell & Associates Ltd. bought a new stake in Eldorado Gold during the second quarter worth approximately $37,000. Hollencrest Capital Management bought a new stake in Eldorado Gold during the fourth quarter worth approximately $35,000. Employees Retirement System of Texas bought a new stake in Eldorado Gold during the first quarter worth approximately $68,000. Russell Investments Group Ltd. bought a new stake in Eldorado Gold during the second quarter worth approximately $88,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in Eldorado Gold during the second quarter worth approximately $88,000. Institutional investors own 58.23% of the company’s stock.
Eldorado Gold Stock Performance
Shares of EGO traded down $0.02 during mid-day trading on Friday, reaching $9.56. 749,070 shares of the company’s stock traded hands, compared to its average volume of 1,583,523. The business’s 50-day moving average price is $9.82 and its 200-day moving average price is $10.07. The stock has a market capitalization of $1.95 billion, a P/E ratio of 119.45 and a beta of 1.21. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.67 and a current ratio of 3.75. Eldorado Gold has a 12 month low of $5.06 and a 12 month high of $12.11.
Eldorado Gold (NYSE:EGO – Get Free Report) (TSE:ELD) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The company had revenue of $229.86 million for the quarter. Eldorado Gold had a return on equity of 1.67% and a net margin of 1.48%. Equities analysts predict that Eldorado Gold will post 0.37 earnings per share for the current year.
Eldorado Gold Company Profile
Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru gold mines located in western Turkey; Lamaque gold mines located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.