L1 Capital Pty Ltd Purchases 1,621,173 Shares of Eldorado Gold Corporation $EGO

Key Points

• L1 Capital Pty Ltd increased its stake in Eldorado Gold Corporation by 22.7%, now holding almost 8.78 million shares valued at approximately $147.58 million, making it the largest position in its portfolio.
• Several other institutional investors also significantly increased their positions, including Continuum Advisory LLC, which raised its stake by 335.3%, reflecting growing interest in Eldorado Gold.
• Eldorado Gold is currently rated as a "Moderate Buy", with an average target price of $23.60, following a recent downgrade from a "buy" to a "hold" by Wall Street Zen.

L1 Capital Pty Ltd boosted its position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 22.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,774,080 shares of the basic materials company's stock after acquiring an additional 1,621,173 shares during the period. Eldorado Gold accounts for 13.7% of L1 Capital Pty Ltd's investment portfolio, making the stock its biggest position. L1 Capital Pty Ltd owned approximately 4.27% of Eldorado Gold worth $147,580,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in EGO. Continuum Advisory LLC boosted its stake in shares of Eldorado Gold by 335.3% during the 1st quarter. Continuum Advisory LLC now owns 2,525 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,945 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Eldorado Gold by 142.6% during the first quarter. SBI Securities Co. Ltd. now owns 9,006 shares of the basic materials company's stock valued at $151,000 after purchasing an additional 5,294 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in Eldorado Gold during the fourth quarter valued at approximately $183,000. Y Intercept Hong Kong Ltd purchased a new stake in Eldorado Gold during the first quarter valued at approximately $186,000. Finally, XTX Topco Ltd purchased a new stake in Eldorado Gold during the first quarter valued at approximately $207,000. Institutional investors own 69.58% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. CIBC reiterated an "outperform" rating on shares of Eldorado Gold in a research report on Tuesday, July 15th. Wall Street Zen downgraded shares of Eldorado Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Scotiabank reaffirmed a "sector perform" rating on shares of Eldorado Gold in a research note on Monday, August 11th. Finally, National Bankshares reiterated an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.60.

Eldorado Gold Price Performance

NYSE EGO traded up $0.91 on Friday, hitting $26.10. The company had a trading volume of 1,774,872 shares, compared to its average volume of 1,911,678. Eldorado Gold Corporation has a 12-month low of $13.29 and a 12-month high of $26.17. The company has a market capitalization of $5.30 billion, a PE ratio of 13.11, a PEG ratio of 0.41 and a beta of 0.44. The company's fifty day moving average price is $21.88 and its 200-day moving average price is $19.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.23 and a quick ratio of 2.65.

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

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.