Eldorado Gold (NYSE:EGO) Shares Down 8.5% – Here’s What Happened

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) shares were down 8.5% during mid-day trading on Friday . The company traded as low as $28.02 and last traded at $28.24. Approximately 1,920,939 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 2,003,333 shares. The stock had previously closed at $30.85.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on EGO shares. CIBC increased their target price on shares of Eldorado Gold from $32.00 to $46.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Bank of America increased their target price on shares of Eldorado Gold from $25.00 to $28.00 and gave the company an “underperform” rating in a research report on Thursday. National Bankshares reiterated an “outperform” rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of Eldorado Gold in a research report on Wednesday, October 8th. Finally, Scotiabank restated a “sector perform” rating on shares of Eldorado Gold in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Eldorado Gold currently has a consensus rating of “Moderate Buy” and an average price target of $26.67.

Eldorado Gold Stock Performance

The company has a current ratio of 3.23, a quick ratio of 2.65 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $26.46 and its two-hundred day moving average price is $22.17. The company has a market cap of $5.73 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 0.43 and a beta of 0.44.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.07). Eldorado Gold had a return on equity of 8.79% and a net margin of 26.07%.The firm had revenue of $459.53 million during the quarter, compared to analyst estimates of $401.85 million. As a group, equities analysts forecast that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Net Worth Advisory Group acquired a new position in shares of Eldorado Gold in the third quarter worth about $223,000. TT International Asset Management LTD acquired a new position in shares of Eldorado Gold in the third quarter worth about $1,186,000. Osaic Holdings Inc. boosted its holdings in shares of Eldorado Gold by 7.8% in the second quarter. Osaic Holdings Inc. now owns 29,712 shares of the basic materials company’s stock worth $604,000 after buying an additional 2,153 shares during the period. State of Wyoming acquired a new position in shares of Eldorado Gold in the second quarter worth about $58,000. Finally, Headlands Technologies LLC acquired a new position in shares of Eldorado Gold in the second quarter worth about $32,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

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.