Eldorado Gold (NYSE:EGO) Shares Gap Up – Here’s What Happened

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $15.49, but opened at $15.93. Eldorado Gold shares last traded at $15.92, with a volume of 257,137 shares.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Scotiabank cut their target price on Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating for the company in a research report on Friday, February 7th. StockNews.com raised Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Eldorado Gold Stock Performance

The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 11.28 and a beta of 1.11. The company’s 50-day simple moving average is $14.74 and its 200-day simple moving average is $15.95. The company has a quick ratio of 2.54, a current ratio of 3.37 and a debt-to-equity ratio of 0.23.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.13. Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%. The business had revenue of $435.70 million for the quarter, compared to analysts’ expectations of $440.43 million. Analysts predict that Eldorado Gold Co. will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. TD Waterhouse Canada Inc. lifted its stake in Eldorado Gold by 26.5% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,252 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 682 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Eldorado Gold by 0.3% in the fourth quarter. CIBC Asset Management Inc now owns 251,844 shares of the basic materials company’s stock worth $3,737,000 after purchasing an additional 804 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Eldorado Gold by 0.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 179,139 shares of the basic materials company’s stock worth $2,664,000 after purchasing an additional 1,174 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Eldorado Gold by 4.7% during the fourth quarter. Alliancebernstein L.P. now owns 33,360 shares of the basic materials company’s stock worth $496,000 after purchasing an additional 1,500 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new position in Eldorado Gold during the third quarter valued at approximately $36,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

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.