Short Interest in Eldorado Gold Co. (NYSE:EGO) Grows By 9.2%

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 5,230,000 shares, a growth of 9.2% from the September 30th total of 4,790,000 shares. Approximately 2.6% of the company’s shares are sold short. Based on an average daily volume of 1,410,000 shares, the days-to-cover ratio is currently 3.7 days.

Hedge Funds Weigh In On Eldorado Gold

Hedge funds and other institutional investors have recently modified their holdings of the business. Financial Management Professionals Inc. bought a new position in shares of Eldorado Gold during the third quarter valued at approximately $32,000. Blue Trust Inc. boosted its stake in Eldorado Gold by 232.8% in the third quarter. Blue Trust Inc. now owns 1,910 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 1,336 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Eldorado Gold in the second quarter valued at approximately $74,000. Tobam boosted its stake in Eldorado Gold by 14.8% in the second quarter. Tobam now owns 5,036 shares of the basic materials company’s stock valued at $74,000 after acquiring an additional 651 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Eldorado Gold in the second quarter valued at approximately $97,000. 69.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on EGO shares. Royal Bank of Canada upped their target price 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. CIBC upped their target price on shares of Eldorado Gold from $18.00 to $22.50 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Finally, Scotiabank upped their target price on shares of Eldorado Gold from $18.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.38.

Eldorado Gold Price Performance

NYSE EGO opened at $17.37 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.65 and a current ratio of 3.62. The firm’s 50 day moving average price is $17.45 and its 200-day moving average price is $16.32. Eldorado Gold has a 52-week low of $9.72 and a 52-week high of $19.06. The company has a market cap of $3.56 billion, a PE ratio of 30.47 and a beta of 0.95.

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.