Short Interest in Eldorado Gold Co. (NYSE:EGO) Drops By 10.6%

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 4,790,000 shares, a decline of 10.6% from the September 15th total of 5,360,000 shares. Based on an average daily volume of 1,400,000 shares, the days-to-cover ratio is presently 3.4 days. Currently, 2.4% of the company’s stock are sold short.

Institutional Trading of Eldorado Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGO. Tobam boosted its position in shares of Eldorado Gold by 14.8% in the second quarter. Tobam now owns 5,036 shares of the basic materials company’s stock valued at $74,000 after acquiring an additional 651 shares during the period. Point72 DIFC Ltd bought a new stake in Eldorado Gold in the 2nd quarter valued at $74,000. Headlands Technologies LLC acquired a new stake in Eldorado Gold in the 2nd quarter worth $97,000. Virtu Financial LLC acquired a new stake in Eldorado Gold in the 1st quarter worth $165,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Eldorado Gold during the 2nd quarter worth about $191,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

Eldorado Gold Stock Performance

Shares of NYSE EGO traded up $0.11 during trading hours on Thursday, hitting $18.02. 1,161,159 shares of the stock were exchanged, compared to its average volume of 1,502,198. Eldorado Gold has a one year low of $9.72 and a one year high of $18.85. The company’s 50 day moving average is $17.33 and its 200 day moving average is $16.12. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.62 and a quick ratio of 2.65. The firm has a market capitalization of $3.69 billion, a P/E ratio of 31.61 and a beta of 0.95.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last released its earnings results on Thursday, July 25th. The basic materials company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The firm had revenue of $297.14 million during the quarter. Eldorado Gold had a net margin of 15.67% and a return on equity of 5.82%. During the same period in the prior year, the firm earned $0.09 EPS. On average, research analysts expect that Eldorado Gold will post 1.41 EPS for the current year.

Analyst Upgrades and Downgrades

EGO has been the subject of a number of recent research reports. StockNews.com raised Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Monday, July 1st. Royal Bank of Canada lifted their target price on shares of Eldorado Gold from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank increased their price target on shares of Eldorado Gold from $18.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. Finally, CIBC lifted their price objective on shares of Eldorado Gold from $18.00 to $22.50 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.38.

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.