Eldorado Gold (NYSE:EGO) Shares Gap Down - Here's Why

Eldorado Gold Co. (NYSE:EGO - Get Free Report) TSE: ELD shares gapped down prior to trading on Monday . The stock had previously closed at $19.67, but opened at $18.77. Eldorado Gold shares last traded at $18.34, with a volume of 277,517 shares traded.

Analysts Set New Price Targets

Several research firms have recently weighed in on EGO. StockNews.com raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a report on Thursday, April 10th. National Bankshares reissued an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, April 23rd. Canaccord Genuity Group decreased their price objective on shares of Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Scotiabank raised their target price on shares of Eldorado Gold from $16.50 to $19.00 and gave the company a "sector perform" rating in a research note on Monday, April 14th. Finally, National Bank Financial raised shares of Eldorado Gold to a "strong-buy" rating in a research note on Friday, March 21st. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Eldorado Gold currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.70.

Eldorado Gold Stock Down 9.5%

The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 12.72 and a beta of 0.42. The business's 50-day moving average is $17.40 and its two-hundred day moving average is $16.12. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.54 and a current ratio of 3.37.

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

Hedge Funds Weigh In On Eldorado Gold

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC grew its stake in shares of Eldorado Gold by 17.5% in the fourth quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company's stock valued at $105,431,000 after buying an additional 1,058,137 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Eldorado Gold by 130.7% in the third quarter. JPMorgan Chase & Co. now owns 150,107 shares of the basic materials company's stock valued at $2,607,000 after purchasing an additional 85,053 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Eldorado Gold in the fourth quarter valued at about $55,000. Barclays PLC boosted its position in shares of Eldorado Gold by 18.6% in the third quarter. Barclays PLC now owns 176,381 shares of the basic materials company's stock valued at $3,064,000 after acquiring an additional 27,667 shares during the period. Finally, Swiss National Bank boosted its position in shares of Eldorado Gold by 0.6% in the fourth quarter. Swiss National Bank now owns 403,620 shares of the basic materials company's stock valued at $6,000,000 after acquiring an additional 2,500 shares during the period. 69.58% of the stock is owned by institutional investors.

About Eldorado Gold

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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