Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) was the target of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 6,064,197 shares, a decline of 39.6% from the July 14th total of 10,044,235 shares. Based on an average trading volume of 5,228,970 shares, the days-to-cover ratio is presently 1.2 days. Approximately 0.9% of the shares of the company are short sold.

A number of hedge funds have recently added to or reduced their stakes in the stock. UBS Asset Management Americas Inc. raised its stake in Eldorado Gold Corporation by 5.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,929,796 shares of the basic materials company’s stock valued at $9,438,000 after buying an additional 149,463 shares during the period. Gulf International Bank UK Ltd raised its stake in Eldorado Gold Corporation by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 201,879 shares of the basic materials company’s stock valued at $689,000 after buying an additional 2,600 shares during the period. Capstone Asset Management Co. raised its stake in Eldorado Gold Corporation by 3.6% in the first quarter. Capstone Asset Management Co. now owns 72,551 shares of the basic materials company’s stock valued at $247,000 after buying an additional 2,530 shares during the period. Hexavest Inc. raised its stake in Eldorado Gold Corporation by 63.3% in the first quarter. Hexavest Inc. now owns 7,008,670 shares of the basic materials company’s stock valued at $23,908,000 after buying an additional 2,716,394 shares during the period. Finally, DORCHESTER WEALTH MANAGEMENT Co raised its stake in Eldorado Gold Corporation by 15.3% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 252,825 shares of the basic materials company’s stock valued at $864,000 after buying an additional 33,500 shares during the period. 49.52% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Corporation (NYSE:EGO) opened at 1.91 on Tuesday. The company’s 50-day moving average is $2.34 and its 200 day moving average is $3.07. Eldorado Gold Corporation has a 12 month low of $1.77 and a 12 month high of $4.38. The firm’s market cap is $1.37 billion.

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.01 earnings per share for the quarter. The business had revenue of $82.70 million for the quarter, compared to analyst estimates of $104.71 million. Eldorado Gold Corporation had a return on equity of 1.41% and a net margin of 1.00%. Eldorado Gold Corporation’s revenue was down 22.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. Equities research analysts expect that Eldorado Gold Corporation will post $0.04 EPS for the current fiscal year.

A number of equities research analysts have weighed in on EGO shares. BidaskClub upgraded shares of Eldorado Gold Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday. Credit Suisse Group downgraded shares of Eldorado Gold Corporation from a “neutral” rating to an “underperform” rating and set a $2.40 price target on the stock. in a research note on Monday, July 31st. Canaccord Genuity downgraded shares of Eldorado Gold Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Royal Bank Of Canada set a $4.00 price target on shares of Eldorado Gold Corporation and gave the stock a “buy” rating in a research note on Monday, June 12th. Finally, Scotiabank downgraded shares of Eldorado Gold Corporation from an “outperform” rating to a “sector perform” rating and set a $4.00 price target on the stock. in a research note on Monday, July 31st. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $4.68.

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About Eldorado Gold Corporation

Eldorado Gold Corporation (Eldorado) is a gold exploration, development and mining company. The Company’s geographical segments include Turkey, Brazil, Greece, Romania and Other. The Turkey segment includes the Kisladag and the Efemcukuru mines and exploration activities in Turkey. The Brazil segment includes the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil.

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