Short Interest in Eldorado Gold Co. (NYSE:EGO) Declines By 10.6%

Eldorado Gold Co. (NYSE:EGOGet Free Report) (TSE:ELD) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 4,790,000 shares, a decline of 10.6% from the September 15th total of 5,360,000 shares. Based on an average daily volume of 1,400,000 shares, the short-interest ratio is currently 3.4 days. Currently, 2.4% of the shares of the company are sold short.

Hedge Funds Weigh In On Eldorado Gold

Several large investors have recently made changes to their positions in EGO. Jennison Associates LLC acquired a new stake in Eldorado Gold during the first quarter valued at approximately $36,374,000. Donald Smith & CO. Inc. lifted its position in shares of Eldorado Gold by 9.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 13,948,916 shares of the basic materials company’s stock valued at $196,261,000 after acquiring an additional 1,240,732 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Eldorado Gold during the 1st quarter worth $11,431,000. Commonwealth Equity Services LLC acquired a new position in shares of Eldorado Gold in the 2nd quarter worth $6,992,000. Finally, Jessup Wealth Management Inc acquired a new position in shares of Eldorado Gold in the 2nd quarter worth $6,910,000. Institutional investors own 69.58% of the company’s stock.

Eldorado Gold Price Performance

EGO traded up $0.11 during trading on Thursday, reaching $18.02. The stock had a trading volume of 1,161,159 shares, compared to its average volume of 1,502,198. The stock has a 50 day moving average of $17.33 and a two-hundred day moving average of $16.12. The company has a quick ratio of 2.65, a current ratio of 3.62 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 31.61 and a beta of 0.95. Eldorado Gold has a 1-year low of $9.72 and a 1-year high of $18.85.

Eldorado Gold (NYSE:EGOGet Free Report) (TSE:ELD) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. The business had revenue of $297.14 million during the quarter. Eldorado Gold had a return on equity of 5.82% and a net margin of 15.67%. During the same quarter last year, the company earned $0.09 EPS. As a group, equities analysts anticipate that Eldorado Gold will post 1.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EGO has been the topic of several analyst reports. Royal Bank of Canada raised their price target on shares of Eldorado Gold from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. StockNews.com upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. Scotiabank lifted their target price on Eldorado Gold from $18.00 to $20.00 and gave the company a “sector perform” rating in a research note on Monday, August 19th. Finally, CIBC increased their price target on Eldorado Gold from $18.00 to $22.50 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Eldorado Gold currently has a consensus rating of “Hold” and a consensus price target of $19.38.

View Our Latest Stock Report on Eldorado Gold

Eldorado Gold Company Profile

(Get Free Report)

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 mines located in Turkey; Lamaque complex 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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