Eldorado Gold (NYSE:EGO) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Eldorado Gold from “hold” to “strong sell,” contrasting with a broader analyst consensus of “Moderate Buy” and an average price target of $46.57.
• Eldorado Gold shares opened at $35.15, below their 50-day moving average of $41.01 but near the 200-day average of $35.48; the stock has traded between $24.44 and $51.16 over the past year.
• The company exceeded quarterly earnings expectations, reporting $0.54 in EPS versus the $0.52 consensus, while institutional investors hold approximately 69.58% of its shares.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Monday, Zacks reports.

EGO has been the topic of a number of other reports. Stifel Nicolaus raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, July 31st. Royal Bank Of Canada increased their price objective on shares of Eldorado Gold from $37.00 to $41.00 and gave the stock a "sector perform" rating in a research report on Wednesday, September 16th. Weiss Ratings raised shares of Eldorado Gold from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Jefferies Financial Group began coverage on shares of Eldorado Gold in a research note on Thursday, August 20th. They set a "buy" rating and a $50.00 target price for the company. Finally, Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a report on Sunday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $46.57.

Eldorado Gold Price Performance

Eldorado Gold stock opened at $35.15 on Monday. The stock's 50 day moving average is $41.01 and its 200 day moving average is $35.48. Eldorado Gold has a one year low of $24.44 and a one year high of $51.16. The firm has a market cap of $9.19 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.31 and a beta of 0.67. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. The business had revenue of $487.50 million during the quarter, compared to the consensus estimate of $529.92 million. As a group, research analysts expect that Eldorado Gold will post 3.13 EPS for the current year.

Institutional Trading of Eldorado Gold

Several large investors have recently modified their holdings of EGO. Van ECK Associates Corp grew its stake in Eldorado Gold by 39.0% in the second quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company's stock valued at $580,739,000 after acquiring an additional 5,241,277 shares during the period. Jupiter Topco LLC bought a new stake in shares of Eldorado Gold during the second quarter valued at approximately $3,621,000. Caisse de depot et placement du Quebec acquired a new position in shares of Eldorado Gold during the second quarter worth approximately $7,356,000. Fund 1 Investments LLC acquired a new position in shares of Eldorado Gold during the second quarter worth approximately $2,577,000. Finally, Cibc World Market Inc. acquired a new position in shares of Eldorado Gold during the second quarter worth approximately $9,369,000. Institutional investors and hedge funds own 69.58% of the company's stock.

About Eldorado Gold

Eldorado Gold Corporation is a Canadian mining company focused on the exploration, development and operation of gold properties. The company produces gold and related by-products, including silver, and manages a portfolio of mines and development projects in Türkiye, Greece and Canada.

Eldorado's operations and projects include the Kisladag and Efemcukuru gold mines in Türkiye, the Olympias polymetallic mine and Skouries copper-gold project in Greece, and the Lamaque gold operation in Quebec, Canada.

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