Eldorado Gold (NYSE:EGO) Shares Gap Down – What’s Next?

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $15.79, but opened at $14.50. Eldorado Gold shares last traded at $14.10, with a volume of 804,633 shares changing hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on EGO shares. StockNews.com upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a report on Friday. TD Securities reduced their target price on shares of Eldorado Gold from $20.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Finally, Scotiabank dropped their price target on shares of Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating on the stock in a research report on Friday. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Eldorado Gold currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Eldorado Gold Stock Performance

The company has a quick ratio of 2.54, a current ratio of 3.37 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.85 billion, a P/E ratio of 10.38 and a beta of 0.93. The company’s 50-day moving average is $15.41 and its two-hundred day moving average is $16.42.

Institutional Investors Weigh In On Eldorado Gold

Several institutional investors have recently made changes to their positions in EGO. BNP Paribas Financial Markets lifted its holdings in Eldorado Gold by 130.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 166,083 shares of the basic materials company’s stock worth $2,885,000 after purchasing an additional 94,040 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Eldorado Gold by 17.5% in the fourth quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company’s stock worth $105,431,000 after buying an additional 1,058,137 shares in the last quarter. Navellier & Associates Inc. bought a new position in shares of Eldorado Gold in the third quarter valued at approximately $878,000. JPMorgan Chase & Co. grew its stake in Eldorado Gold by 130.7% during the third quarter. JPMorgan Chase & Co. now owns 150,107 shares of the basic materials company’s stock valued at $2,607,000 after acquiring an additional 85,053 shares in the last quarter. Finally, Equinox Partners Investment Management LLC lifted its stake in Eldorado Gold by 32.0% in the 3rd quarter. Equinox Partners Investment Management LLC now owns 989,376 shares of the basic materials company’s stock worth $17,185,000 after purchasing an additional 239,800 shares in the last quarter. Hedge funds and other institutional investors own 69.58% of the company’s stock.

About Eldorado Gold

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.