Eldorado Gold Co. (NYSE:EGO – Get Rating) (TSE:ELD) saw a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 7,260,000 shares, a growth of 31.0% from the August 31st total of 5,540,000 shares. Based on an average daily trading volume, of 2,040,000 shares, the days-to-cover ratio is presently 3.6 days. Approximately 4.0% of the company’s stock are short sold.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on EGO. National Bank Financial upped their target price on shares of Eldorado Gold from C$15.00 to C$15.50 in a research note on Tuesday, August 2nd. Canaccord Genuity Group upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a report on Wednesday, July 20th. Canaccord Genuity Group upgraded Eldorado Gold from a “hold” rating to a “buy” rating and cut their target price for the company from C$17.00 to C$12.00 in a research note on Wednesday, July 20th. TD Securities decreased their price target on shares of Eldorado Gold from $8.50 to $7.50 and set a “hold” rating for the company in a research note on Wednesday, August 3rd. Finally, Stifel Nicolaus cut their price objective on shares of Eldorado Gold from C$20.25 to C$18.00 in a research report on Wednesday, July 20th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eldorado Gold has an average rating of “Moderate Buy” and a consensus target price of $14.10.
Institutional Trading of Eldorado Gold
Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp raised its holdings in Eldorado Gold by 1.8% in the 2nd quarter. Van ECK Associates Corp now owns 20,367,299 shares of the basic materials company’s stock valued at $130,146,000 after acquiring an additional 351,189 shares during the period. Helikon Investments Ltd increased its position in Eldorado Gold by 43.4% during the 2nd quarter. Helikon Investments Ltd now owns 17,555,160 shares of the basic materials company’s stock worth $112,177,000 after buying an additional 5,309,742 shares during the period. BlackRock Inc. lifted its holdings in shares of Eldorado Gold by 1.4% during the first quarter. BlackRock Inc. now owns 10,321,583 shares of the basic materials company’s stock worth $115,706,000 after buying an additional 141,298 shares in the last quarter. Donald Smith & CO. Inc. lifted its holdings in shares of Eldorado Gold by 35.2% during the second quarter. Donald Smith & CO. Inc. now owns 8,421,934 shares of the basic materials company’s stock worth $53,816,000 after buying an additional 2,192,659 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Eldorado Gold by 2.4% in the first quarter. Vanguard Group Inc. now owns 5,984,497 shares of the basic materials company’s stock valued at $67,085,000 after acquiring an additional 139,462 shares in the last quarter. 59.50% of the stock is owned by institutional investors and hedge funds.
Eldorado Gold Stock Up 2.4 %
Shares of NYSE:EGO traded up $0.14 during midday trading on Friday, hitting $6.03. The stock had a trading volume of 4,920,108 shares, compared to its average volume of 2,262,845. The business’s 50-day simple moving average is $5.88 and its 200-day simple moving average is $7.85. Eldorado Gold has a 12 month low of $5.06 and a 12 month high of $12.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.40.
Eldorado Gold (NYSE:EGO – Get Rating) (TSE:ELD) last issued its earnings results on Thursday, July 28th. The basic materials company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. Eldorado Gold had a negative net margin of 48.80% and a positive return on equity of 1.74%. The company had revenue of $213.45 million for the quarter. As a group, research analysts predict that Eldorado Gold will post 0.13 EPS for the current fiscal year.
About Eldorado Gold
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 Efemcukuru gold mines located in western Turkey; 100% interest in 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.
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