Eldorado Gold (NYSE:EGO) Sees Large Volume Increase – Time to Buy?

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) saw unusually-high trading volume on Wednesday . Approximately 550,165 shares changed hands during mid-day trading, a decline of 37% from the previous session’s volume of 869,858 shares.The stock last traded at $15.13 and had previously closed at $15.60.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on EGO shares. TD Securities lowered their price objective on shares of Eldorado Gold from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. StockNews.com lowered Eldorado Gold from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Eldorado Gold currently has an average rating of “Hold” and an average target price of $20.88.

Eldorado Gold Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 3.37 and a quick ratio of 2.54. The company has a 50-day simple moving average of $15.77 and a 200-day simple moving average of $16.57. The stock has a market cap of $3.03 billion, a PE ratio of 11.02 and a beta of 0.94.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Eldorado Gold had a net margin of 23.16% and a return on equity of 6.67%. The business had revenue of $331.76 million during the quarter. During the same quarter in the prior year, the business earned $0.17 EPS. Sell-side analysts anticipate that Eldorado Gold Co. will post 1.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Eldorado Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC increased its stake in Eldorado Gold by 65.0% in the 3rd quarter. Jennison Associates LLC now owns 6,032,048 shares of the basic materials company’s stock valued at $104,777,000 after purchasing an additional 2,376,241 shares in the last quarter. Millennium Management LLC increased its position in Eldorado Gold by 230.6% during the second quarter. Millennium Management LLC now owns 188,529 shares of the basic materials company’s stock worth $2,788,000 after buying an additional 332,913 shares in the last quarter. Equinox Partners Investment Management LLC raised its holdings in shares of Eldorado Gold by 32.0% in the third quarter. Equinox Partners Investment Management LLC now owns 989,376 shares of the basic materials company’s stock worth $17,185,000 after acquiring an additional 239,800 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Eldorado Gold in the third quarter valued at $2,626,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Eldorado Gold by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,607,786 shares of the basic materials company’s stock valued at $68,149,000 after purchasing an additional 136,900 shares in the last quarter. 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.