Eldorado Gold (NYSE:EGO) Trading Up 7.5% - Here's Why

Eldorado Gold Co. (NYSE:EGO - Get Free Report) TSE: ELD shares shot up 7.5% on Monday . The company traded as high as $21.57 and last traded at $21.60. 367,455 shares traded hands during trading, a decline of 78% from the average session volume of 1,639,148 shares. The stock had previously closed at $20.09.

Analyst Upgrades and Downgrades

EGO has been the subject of a number of recent analyst reports. Royal Bank of Canada increased their price objective on Eldorado Gold from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Friday, April 4th. Scotiabank increased their price target 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. Wall Street Zen lowered Eldorado Gold from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. National Bank Financial raised shares of Eldorado Gold to a "strong-buy" rating in a report on Friday, March 21st. Finally, National Bankshares reiterated an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $21.70.

Eldorado Gold Stock Performance

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 firm has a 50-day moving average price of $18.81 and a 200-day moving average price of $16.48. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 14.96 and a beta of 0.42.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its earnings results 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 firm had revenue of $341.59 million for the quarter, compared to analyst estimates of $319.83 million. As a group, sell-side analysts predict that Eldorado Gold Co. will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Eldorado Gold

Hedge funds have recently made changes to their positions in the business. Barclays PLC boosted its holdings in Eldorado Gold by 18.6% during the third quarter. Barclays PLC now owns 176,381 shares of the basic materials company's stock worth $3,064,000 after buying an additional 27,667 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Eldorado Gold by 17.5% during the 4th quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company's stock valued at $105,431,000 after acquiring an additional 1,058,137 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Eldorado Gold by 12.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 227,300 shares of the basic materials company's stock valued at $3,376,000 after acquiring an additional 25,300 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Eldorado Gold by 0.3% during the 4th quarter. CIBC Asset Management Inc now owns 251,844 shares of the basic materials company's stock worth $3,737,000 after acquiring an additional 804 shares in the last quarter. Finally, Atria Wealth Solutions Inc. grew its holdings in shares of Eldorado Gold by 16.1% in the 4th quarter. Atria Wealth Solutions Inc. now owns 20,000 shares of the basic materials company's stock worth $297,000 after acquiring an additional 2,775 shares during the last quarter. 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.