Eldorado Gold (NYSE:EGO) Shares Down 5.2% - Here's Why

Shares of Eldorado Gold Co. (NYSE:EGO - Get Free Report) TSE: ELD fell 5.2% during trading on Friday . The stock traded as low as $16.38 and last traded at $16.46. 700,968 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 1,507,541 shares. The stock had previously closed at $17.37.

Analysts Set New Price Targets

EGO has been the topic of a number of recent analyst reports. Royal Bank of Canada boosted their price target on shares of Eldorado Gold from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. Scotiabank lifted their price target on Eldorado Gold from $18.00 to $20.00 and gave the company a "sector perform" rating in a research note on Monday, August 19th. Finally, CIBC increased their price objective on Eldorado Gold from $18.00 to $22.50 and gave the stock an "outperformer" rating in a research report on Wednesday, July 10th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $19.38.

Eldorado Gold Stock Performance

The company has a current ratio of 3.62, a quick ratio of 2.65 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $3.35 billion, a PE ratio of 19.46 and a beta of 0.95. The stock's 50 day moving average price is $17.42 and its two-hundred day moving average price is $16.33.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Eldorado Gold had a return on equity of 5.82% and a net margin of 15.67%. The company had revenue of $331.76 million during the quarter. During the same period in the previous year, the business posted $0.17 EPS. On average, equities analysts expect that Eldorado Gold Co. will post 1.45 earnings per share for the current year.

Hedge Funds Weigh In On Eldorado Gold

Several institutional investors and hedge funds have recently modified their holdings of EGO. CANADA LIFE ASSURANCE Co lifted its stake in shares of Eldorado Gold by 130.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 63,246 shares of the basic materials company's stock worth $890,000 after purchasing an additional 35,820 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Eldorado Gold in the 2nd quarter worth about $2,238,000. Maverick Capital Ltd. purchased a new stake in Eldorado Gold in the 2nd quarter valued at about $1,256,000. Gabelli Funds LLC increased its stake in shares of Eldorado Gold by 2.8% during the 1st quarter. Gabelli Funds LLC now owns 2,020,000 shares of the basic materials company's stock valued at $28,421,000 after acquiring an additional 55,000 shares during the last quarter. Finally, Equinox Partners Investment Management LLC lifted its holdings in shares of Eldorado Gold by 32.0% during the 3rd quarter. Equinox Partners Investment Management LLC now owns 989,376 shares of the basic materials company's stock worth $17,185,000 after acquiring an additional 239,800 shares during the period. Hedge funds and other institutional investors own 69.58% of the company's stock.

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.