Eldorado Gold’s target price was raised to C$42.00 from C$30.00 by the Canaccord Genuity Group, as reported in a research note released on Thursday. This adjustment reflects a growing confidence in the company’s performance and market potential. The increase highlights a positive shift in analyst sentiment toward Eldorado Gold (TSE:ELD, NYSE:EGO) amid a broader review of the mining sector.
In addition to Canaccord Genuity’s assessment, several other financial institutions have also revised their price targets for Eldorado Gold. On August 29, Bank of America adjusted its price objective from C$28.50 to C$33.50. Earlier, on August 6, National Bankshares raised its price target from C$38.00 to C$41.00, assigning the stock an “outperform” rating. Currently, one analyst has rated the stock with a Strong Buy designation, while another has given it a Buy rating. According to MarketBeat.com, the stock boasts an average rating of “Strong Buy” with an average target price of C$33.75.
Insider Trading Activity
In related developments, significant insider trading activity has been recorded. On August 25, insider Christine Tamiko Ohta sold 5,438 shares at an average price of C$32.56, totaling approximately C$177,061.28. Following this transaction, Ohta’s remaining shares in Eldorado Gold amounted to 6,408, valued at about C$208,644.48. This sale represented a 45.91% decrease in her ownership stake.
Similarly, another insider, Ryan Swedburg, sold 6,153 shares on August 26 at an average price of C$33.43, resulting in a total transaction of around C$205,694.79. After this sale, Swedburg retained 2,617 shares, valued at approximately C$87,486.31, marking a 70.16% reduction in his holdings. In total, insiders sold 20,091 shares worth C$679,773 over the past three months, with insiders now owning 0.58% of the company.
About Eldorado Gold
Eldorado Gold Corp is a prominent producer of gold and base metals, with mining, development, and exploration operations in countries including Turkey, Canada, Greece, and Romania. The company boasts a portfolio of high-quality assets and maintains long-term partnerships with local communities. Key projects include Kisladag, Efemcukuru, Skouries, Perama Hill, and Certej.
Investors and analysts alike will be keen to monitor Eldorado Gold’s performance as the company continues to navigate the complexities of the global mining industry.
