Canaccord Genuity slashes price target on Eldorado Gold Corporation [EGO] – find out why.

Eldorado Gold Corporation [NYSE: EGO] gained 6.00% or 0.33 points to close at $5.83 with a heavy trading volume of 3959641 shares. The company report on September 7, 2022 that Eldorado Gold Signs Mandate Letter for Skouries Project Finance Facility.


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Eldorado Gold Corporation (“Eldorado” or the “Company”) is pleased to announce that it has entered into a mandate letter (“Mandate Letter”) with Greek banks for a credit committee approved €680 million project finance facility for the development of the Skouries Project in Northern Greece (“Skouries” or the “Project”).

“The Mandate Letter represents an important step towards the re-start of construction at Skouries,” said George Burns, President and CEO of Eldorado. “We believe that Skouries is a world-class project that will have a lasting positive economic and social impact for Greece, the communities we work in, and other stakeholders. We remain confident in the Feasibility Study capital cost estimate of US$845 million, and with the project finance facility in place, the Company has the balance sheet capacity to fund the remaining capital cost for completion of the Project. We also continue to evaluate opportunities for complementary sources of financing. A final decision to re-start construction remains subject to Board approval, which we expect to seek in the second half of 2022.”.

It opened the trading session at $5.57, the shares rose to $5.965 and dropped to $5.47, the range by which the price of stock traded the whole day. The daily chart for EGO points out that the company has recorded -49.52% loss over the past six months. However, it is still -11.9% lower than its most recent low trading price.

If we look at the average trading volume of 2.07M shares, EGO reached to a volume of 3959641 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Eldorado Gold Corporation [EGO]:

Canaccord Genuity have made an estimate for Eldorado Gold Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 20, 2022. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price from $11 to $12. The new note on the price target was released on October 09, 2020, representing the official price target for Eldorado Gold Corporation stock. Previously, the target price had yet another raise to $13, while BofA/Merrill analysts kept a Buy rating on EGO stock.

The Average True Range (ATR) for Eldorado Gold Corporation is set at 0.31, with the Price to Sales ratio for EGO stock in the period of the last 12 months amounting to 1.14. The Price to Book ratio for the last quarter was 0.33, with the Price to Cash per share for the same quarter was set at 2.13.

Trading performance analysis for EGO stock

Eldorado Gold Corporation [EGO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.11. With this latest performance, EGO shares dropped by -7.90% in over the last four-week period, additionally sinking by -49.52% over the last 6 months – not to mention a drop of -32.76% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EGO stock in for the last two-week period is set at 47.81, with the RSI for the last a single of trading hit 50.47, and the three-weeks RSI is set at 45.81 for Eldorado Gold Corporation [EGO]. The present Moving Average for the last 50 days of trading for this stock 5.95, while it was recorded at 5.55 for the last single week of trading, and 8.70 for the last 200 days.

Eldorado Gold Corporation [EGO]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Eldorado Gold Corporation [EGO] shares currently have an operating margin of +22.33 and a Gross Margin at +27.10. Eldorado Gold Corporation’s Net Margin is presently recorded at +1.14.

Return on Equity for this stock inclined to 0.30, with Return on Assets sitting at 0.22.

Eldorado Gold Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.40 and a Current Ratio set at 3.50.

Eldorado Gold Corporation [EGO]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for EGO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Eldorado Gold Corporation go to 6.75%.

An analysis of insider ownership at Eldorado Gold Corporation [EGO]

There are presently around $652 million, or 75.80% of EGO stock, in the hands of institutional investors. The top three institutional holders of EGO stocks are: VAN ECK ASSOCIATES CORP with ownership of 20,367,299, which is approximately 1.755% of the company’s market cap and around 0.80% of the total institutional ownership; HELIKON INVESTMENTS LTD, holding 17,555,160 shares of the stock with an approximate value of $102.35 million in EGO stocks shares; and BLACKROCK INC., currently with $59.55 million in EGO stock with ownership of nearly -1.037% of the company’s market capitalization.

Positions in Eldorado Gold Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 66 institutional holders increased their position in Eldorado Gold Corporation [NYSE:EGO] by around 16,951,758 shares. Additionally, 68 investors decreased positions by around 11,261,113 shares, while 26 investors held positions by with 83,652,062 shares. The mentioned changes placed institutional holdings at 111,864,933 shares, according to the latest SEC report filing. EGO stock had 20 new institutional investments in for a total of 3,213,133 shares, while 24 institutional investors sold positions of 1,461,567 shares during the same period.

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