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

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) was the recipient of a large decline in short interest during the month of 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 trading volume, of 1,400,000 shares, the short-interest ratio is presently 3.4 days. Approximately 2.4% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC purchased a new position in Eldorado Gold during the first quarter valued at approximately $36,374,000. Donald Smith & CO. Inc. grew its position in shares of Eldorado Gold by 9.8% during the 1st quarter. Donald Smith & CO. Inc. now owns 13,948,916 shares of the basic materials company’s stock valued at $196,261,000 after purchasing an additional 1,240,732 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Eldorado Gold in the first quarter worth $11,431,000. Commonwealth Equity Services LLC bought a new position in shares of Eldorado Gold in the second quarter worth $6,992,000. Finally, Jessup Wealth Management Inc purchased a new stake in shares of Eldorado Gold in the second quarter worth $6,910,000. Hedge funds and other institutional investors own 69.58% of the company’s stock.

Analyst Ratings Changes

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

Eldorado Gold Stock Performance

EGO traded up $0.11 on Thursday, hitting $18.02. The company’s stock had a trading volume of 1,161,159 shares, compared to its average volume of 1,502,198. Eldorado Gold has a 12 month low of $9.72 and a 12 month high of $18.85. The firm has a market cap of $3.69 billion, a P/E ratio of 31.61 and a beta of 0.95. The company has a quick ratio of 2.65, a current ratio of 3.62 and a debt-to-equity ratio of 0.20. The company’s 50 day simple moving average is $17.33 and its 200-day simple moving average is $16.12.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. The company had revenue of $297.14 million during the quarter. Eldorado Gold had a return on equity of 5.82% and a net margin of 15.67%. During the same quarter last year, the firm posted $0.09 earnings per share. Analysts forecast that Eldorado Gold will post 1.41 EPS for the current year.

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.