Eldorado Gold (NYSE:EGO) Shares Gap Down Following Weak Earnings

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD)’s share price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $34.46, but opened at $30.14. Eldorado Gold shares last traded at $31.5590, with a volume of 1,431,098 shares trading hands.

The basic materials company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.04). The business had revenue of $511.90 million during the quarter, compared to the consensus estimate of $621.90 million. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%.

Analyst Ratings Changes

EGO has been the subject of a number of research analyst reports. Zacks Research downgraded shares of Eldorado Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Stifel Nicolaus raised shares of Eldorado Gold from a “hold” rating to a “buy” rating in a report on Friday, July 31st. Scotiabank decreased their target price on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings downgraded Eldorado Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Finally, Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a “neutral” rating to an “outperform” rating in a research note on Sunday, August 9th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.57.

Institutional Trading of Eldorado Gold

A number of institutional investors have recently bought and sold shares of the stock. Continuum Advisory LLC acquired a new position in Eldorado Gold in the 2nd quarter worth approximately $25,000. Farther Finance Advisors LLC raised its holdings in shares of Eldorado Gold by 217.4% during the third quarter. Farther Finance Advisors LLC now owns 1,295 shares of the basic materials company’s stock valued at $50,000 after acquiring an additional 887 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Eldorado Gold in the third quarter worth about $58,000. EFG International AG acquired a new position in shares of Eldorado Gold during the 2nd quarter worth approximately $62,000. Finally, Nykredit A S acquired a new stake in shares of Eldorado Gold in the 2nd quarter worth $143,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31. The firm’s 50-day moving average price is $40.21 and its two-hundred day moving average price is $36.99. The stock has a market cap of $8.34 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 0.29 and a beta of 0.67.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canadian mining company focused on the exploration, development and operation of gold properties. The company produces gold and related by-products, including silver, and manages a portfolio of mines and development projects in Türkiye, Greece and Canada.

Eldorado’s operations and projects include the Kisladag and Efemcukuru gold mines in Türkiye, the Olympias polymetallic mine and Skouries copper-gold project in Greece, and the Lamaque gold operation in Quebec, Canada.