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

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) was the target of a significant growth in short interest during 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. Currently, 2.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,410,000 shares, the short-interest ratio is presently 3.7 days.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on EGO shares. Royal Bank of Canada upped their price target on Eldorado Gold from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank upped their price objective on shares of Eldorado Gold from $18.00 to $20.00 and gave the company a “sector perform” rating in a report on Monday, August 19th. Finally, CIBC raised their price objective on shares of Eldorado Gold from $18.00 to $22.50 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.38.

Eldorado Gold Trading Down 3.3 %

NYSE EGO traded down $0.59 during trading hours on Thursday, reaching $17.37. The company had a trading volume of 1,676,580 shares, compared to its average volume of 1,509,830. Eldorado Gold has a 1-year low of $9.72 and a 1-year high of $19.06. The stock has a market capitalization of $3.56 billion, a P/E ratio of 30.47 and a beta of 0.95. The stock has a 50-day moving average of $17.45 and a 200 day moving average of $16.32. The company has a current ratio of 3.62, a quick ratio of 2.65 and a debt-to-equity ratio of 0.20.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EGO. Tobam boosted its position in Eldorado Gold by 14.8% in the 2nd quarter. Tobam now owns 5,036 shares of the basic materials company’s stock valued at $74,000 after buying an additional 651 shares during the period. Blue Trust Inc. raised its holdings 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 valued at $33,000 after purchasing an additional 1,336 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in shares of Eldorado Gold in the third quarter valued at about $32,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Eldorado Gold by 4.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,980 shares of the basic materials company’s stock valued at $679,000 after acquiring an additional 1,858 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Eldorado Gold by 1.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 169,435 shares of the basic materials company’s stock valued at $2,499,000 after purchasing an additional 2,472 shares during the last quarter. Hedge funds and other institutional investors 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.