Eldorado Gold Corporation (NYSE:EGO) Short Interest Up 53.7% in September

Key Points

• Short interest in Eldorado Gold Corporation surged by 53.7% in September, increasing from 2,810,000 to 4,320,000 shares, indicating growing bearish sentiment about the stock.
• The company reported a quarterly earnings of $0.44 per share, missing estimates, but its revenue of $459.53 million surpassed expectations, showcasing operational strength.
• Institutional investors currently hold 69.58% of Eldorado Gold's stock, with several firms actively increasing their positions, suggesting confidence in the company's future prospects.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 4,320,000 shares, a growth of 53.7% from the September 15th total of 2,810,000 shares. Based on an average trading volume of 1,930,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.1% of the company's shares are sold short. Approximately 2.1% of the company's shares are sold short. Based on an average trading volume of 1,930,000 shares, the days-to-cover ratio is presently 2.2 days.

Eldorado Gold Stock Up 1.8%

Shares of Eldorado Gold stock traded up $0.47 during trading on Wednesday, hitting $26.21. 2,372,527 shares of the stock traded hands, compared to its average volume of 2,711,117. The stock has a market cap of $5.33 billion, a P/E ratio of 13.17, a PEG ratio of 0.31 and a beta of 0.44. The company has a fifty day moving average price of $26.73 and a two-hundred day moving average price of $22.34. Eldorado Gold has a twelve month low of $13.29 and a twelve month high of $30.89. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.65 and a current ratio of 3.23.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.07). The business had revenue of $459.53 million for the quarter, compared to the consensus estimate of $401.85 million. Eldorado Gold had a net margin of 26.07% and a return on equity of 8.79%. Equities research analysts predict that Eldorado Gold will post 1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Eldorado Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd acquired a new position in Eldorado Gold during the second quarter worth $32,000. Headlands Technologies LLC acquired a new position in Eldorado Gold during the second quarter worth $32,000. TD Waterhouse Canada Inc. increased its position in Eldorado Gold by 35.4% during the second quarter. TD Waterhouse Canada Inc. now owns 2,247 shares of the basic materials company's stock worth $46,000 after buying an additional 587 shares during the last quarter. Continuum Advisory LLC increased its position in Eldorado Gold by 335.3% during the first quarter. Continuum Advisory LLC now owns 2,525 shares of the basic materials company's stock worth $42,000 after buying an additional 1,945 shares during the last quarter. Finally, State of Wyoming acquired a new position in Eldorado Gold during the second quarter worth $58,000. Institutional investors and hedge funds own 69.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Eldorado Gold in a report on Wednesday, October 8th. CIBC boosted their price target on shares of Eldorado Gold from $32.00 to $46.00 and gave the company an "outperformer" rating in a report on Friday, October 10th. National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, July 16th. Scotiabank restated a "sector perform" rating on shares of Eldorado Gold in a report on Monday, August 11th. Finally, Wall Street Zen lowered shares of Eldorado Gold from a "buy" rating to a "hold" rating in a report on Saturday, October 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.