Eldorado Gold Co. (NYSE:EGO – Get Rating) (TSE:ELD) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 5,540,000 shares, a decline of 17.4% from the August 15th total of 6,710,000 shares. Based on an average daily volume of 2,110,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 3.0% of the company's stock are sold short.
Eldorado Gold Stock Up 1.8 %
NYSE:EGO traded up $0.10 during trading hours on Friday, reaching $5.73. The company's stock had a trading volume of 2,420,551 shares, compared to its average volume of 1,752,222. The stock has a 50 day moving average price of $5.89 and a two-hundred day moving average price of $8.16. The company has a market capitalization of $1.06 billion, a P/E ratio of -2.40 and a beta of 1.39. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 3.47. Eldorado Gold has a 12 month low of $5.21 and a 12 month high of $12.49.
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Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on EGO shares. Stifel Nicolaus dropped their price objective on Eldorado Gold from C$20.25 to C$18.00 in a research note on Wednesday, July 20th. National Bank Financial raised their price objective on 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 research report on Wednesday, July 20th. TD Securities lowered their price objective on Eldorado Gold from $8.50 to $7.50 and set a "hold" rating for the company in a research report on Wednesday, August 3rd. Finally, Canaccord Genuity Group raised Eldorado Gold from a "hold" rating to a "buy" rating and reduced their price objective for the company from C$17.00 to C$12.00 in a research note on Wednesday, July 20th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $14.10.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Great West Life Assurance Co. Can grew its stake in shares of Eldorado Gold by 11.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 15,571 shares of the basic materials company's stock valued at $185,000 after buying an additional 1,550 shares during the period. Cetera Advisor Networks LLC boosted its position in shares of Eldorado Gold by 11.7% during the 1st quarter. Cetera Advisor Networks LLC now owns 18,544 shares of the basic materials company's stock worth $208,000 after purchasing an additional 1,944 shares during the period. LPL Financial LLC boosted its position in shares of Eldorado Gold by 19.5% during the 2nd quarter. LPL Financial LLC now owns 12,286 shares of the basic materials company's stock worth $79,000 after purchasing an additional 2,008 shares during the period. Vontobel Holding Ltd. boosted its position in shares of Eldorado Gold by 2.8% during the 1st quarter. Vontobel Holding Ltd. now owns 75,863 shares of the basic materials company's stock worth $849,000 after purchasing an additional 2,086 shares during the period. Finally, UBS Group AG boosted its position in shares of Eldorado Gold by 4.4% during the 2nd quarter. UBS Group AG now owns 58,289 shares of the basic materials company's stock worth $373,000 after purchasing an additional 2,477 shares during the period. Institutional investors and hedge funds own 59.50% of the company's stock.
Eldorado Gold Company Profile
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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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