Scotiabank Issues Pessimistic Forecast for Eldorado Gold (NYSE:EGO) Stock Price

Eldorado Gold (NYSE:EGO - Free Report) TSE: ELD had its target price lowered by Scotiabank from $18.50 to $16.50 in a report issued on Friday morning,Benzinga reports. The firm currently has a sector perform rating on the basic materials company's stock.

Several other brokerages have also recently issued reports on EGO. StockNews.com cut Eldorado Gold from a "buy" rating to a "hold" rating in a research note on Friday, November 8th. TD Securities dropped their target price 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. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Eldorado Gold has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Eldorado Gold Trading Down 0.5 %

Shares of NYSE EGO traded down $0.08 during midday trading on Friday, hitting $14.43. The company's stock had a trading volume of 1,590,409 shares, compared to its average volume of 1,804,789. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23. The business's 50 day moving average is $15.38 and its two-hundred day moving average is $16.41. Eldorado Gold has a 12-month low of $9.72 and a 12-month high of $19.06. The firm has a market cap of $2.96 billion, a P/E ratio of 10.77 and a beta of 0.93.

Institutional Trading of Eldorado Gold

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its stake in Eldorado Gold by 230.6% in the 2nd quarter. Millennium Management LLC now owns 188,529 shares of the basic materials company's stock worth $2,788,000 after acquiring an additional 332,913 shares during the last quarter. Cetera Investment Advisers raised its stake in Eldorado Gold by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 73,864 shares of the basic materials company's stock worth $1,092,000 after acquiring an additional 27,991 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Eldorado Gold in the 2nd quarter worth $488,000. Net Worth Advisory Group purchased a new position in Eldorado Gold in the 3rd quarter worth $198,000. Finally, Equinox Partners Investment Management LLC raised its stake in Eldorado Gold by 32.0% in 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 last quarter. Institutional investors and hedge funds own 69.58% of the company's stock.

About Eldorado Gold

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.