Eldorado Gold Co. (NYSE:EGO) Sees Significant Drop in Short Interest

Eldorado Gold Co. (NYSE:EGO - Get Free Report) TSE: ELD was the target of a large decrease in short interest in 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. Based on an average daily trading volume, of 1,420,000 shares, the short-interest ratio is presently 3.4 days. Approximately 2.5% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EGO. Scotiabank dropped their target price on Eldorado Gold from $18.50 to $16.50 and set a "sector perform" rating for the company in a report on Friday, February 7th. TD Securities decreased their price target on Eldorado Gold from $20.00 to $19.00 and set a "hold" rating on the stock in a research report on Monday, November 4th. Finally, StockNews.com upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Eldorado Gold currently has an average rating of "Moderate Buy" and a consensus target price of $20.00.

Eldorado Gold Trading Up 1.7 %

EGO traded up $0.25 during mid-day trading on Thursday, reaching $14.70. The stock had a trading volume of 2,051,489 shares, compared to its average volume of 1,777,233. The stock has a market capitalization of $3.01 billion, a P/E ratio of 10.97 and a beta of 0.93. 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 firm's fifty day simple moving average is $15.10 and its two-hundred day simple moving average is $16.30. Eldorado Gold has a 52 week low of $9.72 and a 52 week high of $19.06.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. boosted its position in Eldorado Gold by 26.5% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,252 shares of the basic materials company's stock valued at $48,000 after buying an additional 682 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Eldorado Gold by 0.3% in the 4th quarter. CIBC Asset Management Inc now owns 251,844 shares of the basic materials company's stock worth $3,737,000 after purchasing an additional 804 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Eldorado Gold by 0.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 179,139 shares of the basic materials company's stock worth $2,664,000 after purchasing an additional 1,174 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Eldorado Gold by 232.8% in the 3rd quarter. Blue Trust Inc. now owns 1,910 shares of the basic materials company's stock worth $33,000 after purchasing an additional 1,336 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Eldorado Gold by 4.7% in the 4th quarter. Alliancebernstein L.P. now owns 33,360 shares of the basic materials company's stock worth $496,000 after purchasing an additional 1,500 shares during 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.