Eldorado Gold Co. (NYSE:EGO) Sees Significant Decline in Short Interest

Eldorado Gold Co. (NYSE:EGO - Get Free Report) TSE: ELD was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totalling 4,360,000 shares, a decline of 28.4% from the March 31st total of 6,090,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average daily volume of 2,160,000 shares, the days-to-cover ratio is currently 2.0 days.

Eldorado Gold Trading Down 1.7 %

EGO stock traded down $0.31 during midday trading on Friday, hitting $18.31. 3,455,454 shares of the company's stock were exchanged, compared to its average volume of 1,602,127. Eldorado Gold has a 1-year low of $13.29 and a 1-year high of $20.65. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $3.76 billion, a PE ratio of 13.08 and a beta of 0.42. The business has a 50-day simple moving average of $16.81 and a two-hundred day simple moving average of $16.10.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, May 1st. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.04). Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%. The business had revenue of $341.59 million for the quarter, compared to analyst estimates of $319.83 million. On average, sell-side analysts predict that Eldorado Gold will post 1.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on EGO shares. National Bank Financial upgraded shares of Eldorado Gold to a "strong-buy" rating in a research report on Friday, March 21st. National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, April 23rd. StockNews.com upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Thursday, April 10th. Scotiabank raised their target price on Eldorado Gold from $16.50 to $19.00 and gave the stock a "sector perform" rating in a research note on Monday, April 14th. Finally, Royal Bank of Canada lifted their price target on Eldorado Gold from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Friday, April 4th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.38.

Institutional Investors Weigh In On Eldorado Gold

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Carrhae Capital LLP lifted its stake in Eldorado Gold by 10.7% during the first quarter. Carrhae Capital LLP now owns 6,689,304 shares of the basic materials company's stock worth $112,514,000 after purchasing an additional 648,574 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in Eldorado Gold by 142.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,006 shares of the basic materials company's stock valued at $151,000 after acquiring an additional 5,294 shares during the period. Cerity Partners LLC grew its position in Eldorado Gold by 63.1% in the 1st quarter. Cerity Partners LLC now owns 31,281 shares of the basic materials company's stock valued at $526,000 after acquiring an additional 12,101 shares in the last quarter. Alps Advisors Inc. purchased a new stake in Eldorado Gold during the first quarter worth about $250,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Eldorado Gold by 36.7% during the first quarter. Bank of New York Mellon Corp now owns 18,479 shares of the basic materials company's stock worth $311,000 after purchasing an additional 4,966 shares in the last quarter. 69.58% of the stock is owned by hedge funds and other institutional investors.

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 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.