Eldorado Gold (NYSE:EGO) Share Price Passes Above 200 Day Moving Average - Here's Why

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD's share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.95 and traded as high as $21.39. Eldorado Gold shares last traded at $21.03, with a volume of 2,094,183 shares.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EGO shares. National Bank Financial raised shares of Eldorado Gold to a "strong-buy" rating in a report on Friday, March 21st. Wall Street Zen upgraded shares of Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Canaccord Genuity Group dropped their price objective on Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Scotiabank boosted their price objective on Eldorado Gold from $16.50 to $19.00 and gave the stock a "sector perform" rating in a research report on Monday, April 14th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, April 23rd. Three 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 company's stock. According to data from MarketBeat, Eldorado Gold has a consensus rating of "Moderate Buy" and an average price target of $21.70.

Eldorado Gold Price Performance

The stock's 50-day moving average price is $19.85 and its 200 day moving average price is $17.00. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 0.34 and a beta of 0.47. The company has a quick ratio of 2.53, a current ratio of 3.12 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). Eldorado Gold had a net margin of 23.10% and a return on equity of 8.41%. The firm had revenue of $341.59 million for the quarter, compared to the consensus estimate of $319.83 million. Equities research analysts predict that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EGO. ANTIPODES PARTNERS Ltd boosted its stake in Eldorado Gold by 648.7% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 2,649,986 shares of the basic materials company's stock worth $39,408,000 after buying an additional 2,296,018 shares in the last quarter. Candriam S.C.A. acquired a new stake in Eldorado Gold during the first quarter valued at approximately $27,281,000. L1 Capital Pty Ltd boosted its holdings in Eldorado Gold by 22.7% during the first quarter. L1 Capital Pty Ltd now owns 8,774,080 shares of the basic materials company's stock valued at $147,580,000 after purchasing an additional 1,621,173 shares in the last quarter. Invenomic Capital Management LP grew its stake in shares of Eldorado Gold by 127.2% in the 1st quarter. Invenomic Capital Management LP now owns 2,262,181 shares of the basic materials company's stock valued at $38,050,000 after purchasing an additional 1,266,329 shares during the period. Finally, Encompass Capital Advisors LLC acquired a new position in shares of Eldorado Gold in the 1st quarter worth approximately $16,815,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

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.