Eldorado Gold (NYSE:EGO) Shares Gap Down – Here’s Why

Shares of Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) gapped down prior to trading on Monday . The stock had previously closed at $19.67, but opened at $18.77. Eldorado Gold shares last traded at $18.34, with a volume of 277,517 shares trading hands.

Analyst Ratings Changes

A number of research firms recently commented on EGO. Scotiabank boosted their price target on Eldorado Gold from $16.50 to $19.00 and gave the company a “sector perform” rating in a research note on Monday, April 14th. StockNews.com raised Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Thursday, April 10th. National Bank Financial raised Eldorado Gold to a “strong-buy” rating in a research note on Friday, March 21st. Royal Bank of Canada boosted their target price on Eldorado Gold from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. Finally, Canaccord Genuity Group lowered their target price on Eldorado Gold from $29.00 to $27.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.70.

Eldorado Gold Stock Performance

The company has a market capitalization of $3.66 billion, a P/E ratio of 12.72 and a beta of 0.42. 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 fifty day moving average price of $17.40 and a two-hundred day moving average price of $16.12.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, May 1st. The basic materials company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). Eldorado Gold had a net margin of 21.86% and a return on equity of 8.74%. The company had revenue of $341.59 million during the quarter, compared to the consensus estimate of $319.83 million. Equities analysts forecast that Eldorado Gold Co. will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eldorado Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC boosted its holdings in shares of Eldorado Gold by 17.5% during the 4th quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company’s stock worth $105,431,000 after buying an additional 1,058,137 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Eldorado Gold by 130.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 150,107 shares of the basic materials company’s stock worth $2,607,000 after buying an additional 85,053 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Eldorado Gold during the 4th quarter worth approximately $55,000. Barclays PLC boosted its holdings in shares of Eldorado Gold by 18.6% during the 3rd quarter. Barclays PLC now owns 176,381 shares of the basic materials company’s stock worth $3,064,000 after buying an additional 27,667 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Eldorado Gold by 0.6% during the 4th quarter. Swiss National Bank now owns 403,620 shares of the basic materials company’s stock worth $6,000,000 after buying an additional 2,500 shares in the last quarter. 69.58% of the stock is currently owned by institutional investors.

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.