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

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) gapped down before the market opened on Monday . The stock had previously closed at $16.56, but opened at $16.10. Eldorado Gold shares last traded at $15.97, with a volume of 72,093 shares.

Analysts Set New Price Targets

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

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.54 and a current ratio of 3.37. The company has a market capitalization of $3.22 billion, a P/E ratio of 11.72 and a beta of 0.95. The firm has a 50 day moving average price of $17.11 and a two-hundred day moving average price of $16.50.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $331.76 million for the quarter. Eldorado Gold had a return on equity of 6.67% and a net margin of 23.16%. During the same quarter last year, the company earned $0.17 earnings per share. On average, research analysts expect that Eldorado Gold Co. will post 1.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eldorado Gold

Several institutional investors have recently added to or reduced their stakes in EGO. Financial Management Professionals Inc. bought a new stake in Eldorado Gold during the third quarter worth about $32,000. Blue Trust Inc. raised its position in Eldorado Gold by 232.8% in the 3rd quarter. Blue Trust Inc. now owns 1,910 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 1,336 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in Eldorado Gold in the third quarter worth $36,000. Point72 DIFC Ltd bought a new stake in shares of Eldorado Gold during the second quarter worth $74,000. Finally, Tobam increased its stake 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 buying an additional 651 shares in the last quarter. 69.58% of the stock is owned by 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.