Short Interest in Eldorado Gold Co. (NYSE:EGO) Decreases By 5.9%

Eldorado Gold Co. (NYSE:EGOGet Free Report) (TSE:ELD) saw a significant drop in short interest in March. As of March 15th, there was short interest totalling 5,880,000 shares, a drop of 5.9% from the February 29th total of 6,250,000 shares. Based on an average daily trading volume, of 1,590,000 shares, the short-interest ratio is presently 3.7 days. Approximately 2.9% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGO. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Eldorado Gold by 2.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 141,562 shares of the basic materials company’s stock worth $1,587,000 after purchasing an additional 2,804 shares in the last quarter. Cetera Advisor Networks LLC lifted its stake in shares of Eldorado Gold by 11.7% during the first quarter. Cetera Advisor Networks LLC now owns 18,544 shares of the basic materials company’s stock worth $208,000 after purchasing an additional 1,944 shares in the last quarter. Citigroup Inc. acquired a new position in shares of Eldorado Gold during the first quarter worth about $1,128,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Eldorado Gold by 24.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,921 shares of the basic materials company’s stock worth $257,000 after purchasing an additional 4,510 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Eldorado Gold by 1.4% during the first quarter. BlackRock Inc. now owns 10,321,583 shares of the basic materials company’s stock worth $115,706,000 after purchasing an additional 141,298 shares in the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on EGO. Stifel Nicolaus reissued a “hold” rating on shares of Eldorado Gold in a research report on Friday, January 26th. National Bank Financial reissued an “outperform spec overweight” rating on shares of Eldorado Gold in a research report on Wednesday, January 3rd. Stifel Canada cut Eldorado Gold from a “buy” rating to a “hold” rating in a report on Friday, January 26th. CIBC raised their price objective on Eldorado Gold from $16.50 to $18.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Finally, TD Securities decreased their price objective on Eldorado Gold from $14.50 to $13.00 and set a “hold” rating on the stock in a report on Monday, February 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eldorado Gold has an average rating of “Hold” and an average price target of $14.00.

Get Our Latest Research Report on Eldorado Gold

Eldorado Gold Price Performance

Shares of Eldorado Gold stock opened at $14.94 on Wednesday. Eldorado Gold has a twelve month low of $8.30 and a twelve month high of $14.95. The stock has a market capitalization of $3.03 billion, a P/E ratio of 27.86 and a beta of 1.10. The company has a current ratio of 3.39, a quick ratio of 2.53 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average price is $12.20 and its 200 day moving average price is $11.62.

Eldorado Gold (NYSE:EGOGet Free Report) (TSE:ELD) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Eldorado Gold had a return on equity of 3.56% and a net margin of 10.54%. The firm had revenue of $306.90 million for the quarter. As a group, research analysts anticipate that Eldorado Gold will post 0.67 earnings per share for the current year.

About Eldorado Gold

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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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