The stock of Eldorado Gold Corporation (NYSE:EGO) is now priced at $11.09 and the shares are -0.33 points down or -2.89% lower compared to its previous closing price of $11.42. The stock had 1.636 million contracts set over the past session. EGO shares’ daily volume is compared to its average trading volume at 2.687 million shares. However, it has a float of 173 million and although its performance was 3.16% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the EGO share price recently placing at $10.98 to $11.7. However, some brokerage firms have priced the stock below the average, including one that has called $11.
The shorts are running away from the Eldorado Gold Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the EGO shares have declined. Short interest in the stock represents just 2.19% of its float, but the volume has dropped by 0.
In the last trading session, Eldorado Gold Corporation (NYSE:EGO) raised by $0.34 over the week and lost -$1.57 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $13.2. The stock recorded its established 52-week high on 08/05/20.
Since 03/16/20, the stock has traded to a low of $4.6 at 141.09%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.71. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Eldorado Gold Corporation’s two-week RSI is 48.32. This suggests that the stock is neutral at the moment and that EGO shares’ price movement remains stable. The stochastic readings are equally revealing at 46.04% meaning the EGO share price is currently in neutral territory.
The technical chart shows that the EGO stock will likely settle at between $11.53 and $11.98 per share. However, if the stock dips below $10.81, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.54.
Currently, the stock is trading in the green of MACD, with a reading of 0.19. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA/Merrill raised their recommendation for EGO from Underperform to Buy in March 04 review while maintain their target price of $13. CIBC analysts downgraded their recommendation of the stock from Sector Outperform to Neutral in a flash note released to investors on February 25. Credit Suisse seeing the stock struggling downgraded it from Neutral to Underperform on January 16 placing it at $9 to $7.50.
The average rating for the EGO equity is 2.75 and is currently gathering a bullish momentum. Of 11 analysts tracking Eldorado Gold Corporation polled by Reuters, 3 rated EGO as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the EGO stock price is 13.79X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 13.4 below the group’s average of 23.7. Eldorado Gold Corporation has its P/E ratio at 0.5, which means that the stock is currently trading at a discount relative to the 2.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Eldorado Gold Corporation (NYSE:EGO) will decrease by about -99.97%, which will see them reach $95.56 million. The company’s full-year revenues are, however, expected to diminish by about -8.9%, down from $433 million to $394 million. EGO’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -57.14% to record $0.03/share.