Eldorado Gold (NYSE:EGO) Trading 5.7% Higher – Here’s What Happened

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD)’s share price rose 5.7% during trading on Monday . The company traded as high as $16.16 and last traded at $16.06. Approximately 240,143 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 1,534,215 shares. The stock had previously closed at $15.20.

Wall Street Analyst Weigh In

Several brokerages have commented on EGO. TD Securities cut their target price on Eldorado Gold from $20.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Scotiabank lifted their target price on shares of Eldorado Gold from $18.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. StockNews.com downgraded Eldorado Gold from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price objective on shares of Eldorado Gold from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Eldorado Gold currently has a consensus rating of “Hold” and a consensus price target of $20.88.

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 3.37 and a quick ratio of 2.54. The company has a market capitalization of $3.35 billion, a PE ratio of 12.19 and a beta of 0.95. The company has a 50 day moving average of $17.22 and a two-hundred day moving average of $16.46.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $331.76 million during the quarter. Eldorado Gold had a net margin of 23.16% and a return on equity of 6.67%. During the same quarter in the previous year, the business earned $0.17 earnings per share. As a group, equities research analysts predict that Eldorado Gold Co. will post 1.41 earnings per share for the current year.

Institutional Investors Weigh In On Eldorado Gold

A number of institutional investors have recently modified their holdings of the stock. Jennison Associates LLC boosted its stake in Eldorado Gold by 65.0% in the 3rd quarter. Jennison Associates LLC now owns 6,032,048 shares of the basic materials company’s stock worth $104,777,000 after purchasing an additional 2,376,241 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Eldorado Gold during the first quarter valued at approximately $11,431,000. Commonwealth Equity Services LLC purchased a new position in Eldorado Gold in the 2nd quarter worth approximately $6,992,000. Jessup Wealth Management Inc purchased a new stake in Eldorado Gold during the 2nd quarter valued at $6,910,000. Finally, Invenomic Capital Management LP increased its holdings in shares of Eldorado Gold by 28.1% in the 1st quarter. Invenomic Capital Management LP now owns 1,738,044 shares of the basic materials company’s stock worth $24,454,000 after purchasing an additional 380,982 shares in the last quarter. 69.58% of the stock is owned by hedge funds and other institutional investors.

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.