Short Interest in Eldorado Gold Co. (NYSE:EGO) Drops By 13.3%

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) saw a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 4,810,000 shares, a decrease of 13.3% from the January 15th total of 5,550,000 shares. Currently, 2.5% of the shares of the company are sold short. Based on an average trading volume of 1,420,000 shares, the days-to-cover ratio is presently 3.4 days.

Institutional Trading of Eldorado Gold

Several institutional investors and hedge funds have recently modified their holdings of EGO. Jennison Associates LLC raised its holdings in shares of Eldorado Gold by 65.0% during the 3rd quarter. Jennison Associates LLC now owns 6,032,048 shares of the basic materials company’s stock valued at $104,777,000 after buying an additional 2,376,241 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its holdings in shares of Eldorado Gold by 648.7% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 2,649,986 shares of the basic materials company’s stock valued at $39,408,000 after buying an additional 2,296,018 shares in the last quarter. Carrhae Capital LLP raised its holdings in shares of Eldorado Gold by 13.9% during the 4th quarter. Carrhae Capital LLP now owns 6,040,730 shares of the basic materials company’s stock valued at $89,826,000 after buying an additional 738,233 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Eldorado Gold during the 4th quarter valued at about $6,973,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of Eldorado Gold by 231.7% during the 4th quarter. BNP Paribas Financial Markets now owns 550,876 shares of the basic materials company’s stock valued at $8,192,000 after buying an additional 384,793 shares in the last quarter. Hedge funds and other institutional investors own 69.58% of the company’s stock.

Eldorado Gold Stock Performance

NYSE:EGO opened at $13.98 on Tuesday. The business’s 50-day moving average price is $15.20 and its two-hundred day moving average price is $16.33. Eldorado Gold has a twelve month low of $9.72 and a twelve month high of $19.06. The stock has a market cap of $2.86 billion, a P/E ratio of 10.43 and a beta of 0.93. The company has a quick ratio of 2.54, a current ratio of 3.37 and a debt-to-equity ratio of 0.23.

Analysts Set New Price Targets

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 cut their target price on Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Finally, StockNews.com upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Two 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 a consensus rating of “Moderate Buy” and an average price target of $20.00.

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.