Eldorado Gold (TSE:ELD) Upgraded to “Buy” at Bank of America

Eldorado Gold (TSE:ELD) (NYSE:EGO) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued on Tuesday, BayStreet reports. The firm currently has a C$54.00 price objective on the stock, up from their prior price objective of C$32.00. Bank of America‘s price target points to a potential downside of 13.94% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group raised shares of Eldorado Gold to a “strong-buy” rating in a research note on Thursday, August 20th. Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 9th. Stifel Nicolaus increased their target price on Eldorado Gold from C$65.00 to C$70.00 and gave the stock a “buy” rating in a research report on Thursday, September 17th. ATB Cormark Capital Markets boosted their price target on Eldorado Gold from C$45.00 to C$64.00 and gave the company a “sector perform” rating in a research report on Thursday, September 10th. Finally, Canaccord Genuity Group upped their price target on Eldorado Gold from C$55.00 to C$63.00 in a research note on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of C$61.25.

Eldorado Gold Price Performance

Shares of ELD traded up C$3.31 during mid-day trading on Tuesday, reaching C$62.75. 362,487 shares of the company’s stock were exchanged, compared to its average volume of 781,938. The company has a quick ratio of 2.27, a current ratio of 1.31 and a debt-to-equity ratio of 25.70. The company has a 50-day simple moving average of C$53.66 and a two-hundred day simple moving average of C$48.85. Eldorado Gold has a 52-week low of C$34.25 and a 52-week high of C$69.46. The company has a market cap of C$16.37 billion, a price-to-earnings ratio of 22.33, a PEG ratio of 56.20 and a beta of 1.69.

Eldorado Gold (TSE:ELD) (NYSE:EGO) last announced its earnings results on Thursday, July 30th. The company reported C$0.77 earnings per share for the quarter. The firm had revenue of C$692.57 million during the quarter. Eldorado Gold had a net margin of 29.89% and a return on equity of 12.38%. On average, sell-side analysts predict that Eldorado Gold will post 2.1505174 EPS for the current fiscal year.

Insider Transactions at Eldorado Gold

In other news, Director Seda Erdemir sold 1,239 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of C$60.37, for a total value of C$74,798.43. Also, insider Mehmet Yilmaz sold 5,000 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of C$44.42, for a total value of C$222,100.00. Following the completion of the sale, the insider directly owned 27,543 shares in the company, valued at C$1,223,460.06. This represents a 15.36% decrease in their ownership of the stock. In the last quarter, insiders sold 23,154 shares of company stock worth $1,024,582. 0.58% of the stock is currently owned by corporate insiders.

About Eldorado Gold

Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Greece and Türkiye. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).