Eldorado Gold Target Price Increased to C$42 by Canaccord Genuity
Eldorado Gold Corp (TSE:ELD; NYSE:EGO) has seen a significant increase in its target price, now set at C$42.00 by Canaccord Genuity Group. This adjustment was outlined in a research note released on Thursday morning, following a series of other upward revisions from notable financial institutions.
Bank of America recently raised its target from C$28.50 to C$33.50, a decision made public on August 29, 2023. Similarly, National Bankshares increased its price objective from C$38.00 to C$41.00, designating the shares with an “outperform” rating in a report dated August 6, 2023. According to data from MarketBeat.com, the overall consensus rating for Eldorado Gold stands at “Strong Buy,” with an average target price of C$33.75.
Insider Activity Raises Questions
In a notable development, insider transactions have caught the attention of investors. On August 25, 2023, 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 ownership in Eldorado Gold fell to 6,408 shares, valued at around C$208,644.48, marking a 45.91% decline in her stake.
Similarly, on August 26, 2023, insider Ryan Swedburg sold 6,153 shares for an average price of C$33.43, which amounted to C$205,694.79. After this sale, Swedburg retained ownership of 2,617 shares, valued at approximately C$87,486.31, representing a significant 70.16% reduction in his ownership.
In the past three months, insiders have sold a total of 20,091 shares worth C$679,773. Currently, insiders hold only 0.58% of the company’s stock, raising questions about their confidence in the company’s future direction.
About Eldorado Gold
Eldorado Gold Corp operates as a gold and base metals producer with a diverse portfolio that includes mining, development, and exploration operations in locations such as Turkey, Canada, Greece, and Romania. The company is known for its commitment to sustainable practices and long-term partnerships with local communities. Key projects in its portfolio include Kisladag, Efemcukuru, Skouries, Perama Hill, and Certej.
Investors and analysts continue to monitor Eldorado Gold closely, given the recent shifts in target prices and insider trading activities.
