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

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD's share price gapped down prior to trading on Friday . The stock had previously closed at $20.59, but opened at $19.96. Eldorado Gold shares last traded at $19.83, with a volume of 509,272 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on EGO. National Bank Financial raised shares of Eldorado Gold to a "strong-buy" rating in a research report on Friday, March 21st. Canaccord Genuity Group lowered their price target on Eldorado Gold from $29.00 to $27.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Wall Street Zen upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Scotiabank raised their target price on Eldorado Gold from $16.50 to $19.00 and gave the company a "sector perform" rating in a report on Monday, April 14th. Finally, Royal Bank Of Canada lifted their target price on Eldorado Gold from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Friday, April 4th. Three equities research 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 MarketBeat.com, Eldorado Gold currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.70.

Eldorado Gold Stock Up 2.3%

The business's fifty day moving average price is $19.87 and its 200 day moving average price is $17.05. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.34 and a beta of 0.47. The company has a current ratio of 3.12, a quick ratio of 2.53 and a debt-to-equity ratio of 0.23.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings results on Thursday, May 1st. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.04). The company had revenue of $341.59 million during the quarter, compared to analyst estimates of $319.83 million. Eldorado Gold had a net margin of 23.10% and a return on equity of 8.41%. On average, equities analysts expect that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Continuum Advisory LLC grew its position in Eldorado Gold by 335.3% in the 1st quarter. Continuum Advisory LLC now owns 2,525 shares of the basic materials company's stock valued at $42,000 after buying an additional 1,945 shares during the last quarter. TD Waterhouse Canada Inc. boosted its holdings in shares of Eldorado Gold by 26.5% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,252 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 682 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Eldorado Gold during the fourth quarter worth about $55,000. Generali Investments CEE investicni spolecnost a.s. purchased a new position in Eldorado Gold during the fourth quarter worth about $113,000. Finally, Tradition Wealth Management LLC purchased a new position in Eldorado Gold during the fourth quarter worth about $153,000. Institutional investors and hedge funds own 69.58% of the company's stock.

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.