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What the Insider Data Suggests About Eldorado Gold Corporation (EGO)

Recent insider trends for Eldorado Gold Corporation (NYSE:EGO) have caught the attention of investors. Patters in insider activity can help analysts formulate an outlook for a stock. In the case of EGO, the data has a lot to say about how the stock might perform going forward.

Institutions own 52.36% of Eldorado Gold Corporation (EGO)’s shares. The total value of these holdings, in millions, is $503. Among active positions in the latest quarter, 76 holders increased their positions by a total of 84.08 million shares, 94 holders decreased the positions by a total of 86.87 million shares, and 37 holders held their positions. This works out to a net decrease in ownership of 2.79 million shares, and suggests that institutions are feeling bearish about the stock.

Among new and sold out positions, 20 holders initiated new positions by a total of 5.38 million shares and 39 holders exited their positions by a total of 22.75 million shares. This nets out to a decrease of 17.37 million shares and is another bearish sign for EGO.

Insider ownership increased by a total of 0 shares, which suggests that EGO’s key executives are feeling more optimistic about the outlook for the stock. The data from the past twelve months tells a similar story:  ownership increased by a net of 0 shares.



Comparing the number of shares sold short over time is a method analysts often use to get a reading on investor sentiment. Eldorado Gold Corporation (NYSE:EGO)’s short interest is 22.05 million shares, or 3.09% of the float. This represents an increase of 42% in the number of shares being shorted compared to the previous reading, and implies that investors felt more pessimistic about the stock during the past two weeks.

Supplementing insider data with technical indicators can help an investor form a more complete view on the outlook for a stock. A composite of 13 technical indicators that includes measures such as moving averages and momentum oscillators suggests that EGO is a Strong sell, which implies that EGO is expected to underperform the market based on prior trading patterns.

Conclusion




Institutional ownership trends suggest that the stock is cheap and the insider trading data indicates that insiders are bullish. Technical indicators (also) suggest that Eldorado Gold Corporation (NYSE:EGO) is overvalued.

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