New Gold (NYSE:NGD) Shares Down 3.5% – Should You Sell?

New Gold Inc. (NYSE:NGD) fell 3.5% during trading on Monday . The stock traded as low as $2.70 and last traded at $2.73. 959,929 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 8,228,364 shares. The stock had previously closed at $2.83.

Wall Street Analysts Forecast Growth

NGD has been the subject of several analyst reports. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank increased their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $3.08.

New Gold Price Performance

The firm has a fifty day moving average price of $2.84 and a two-hundred day moving average price of $2.44. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $2.14 billion, a P/E ratio of 135.50 and a beta of 1.31.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. On average, analysts expect that New Gold Inc. will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NGD. Mackenzie Financial Corp lifted its stake in shares of New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after purchasing an additional 5,948,394 shares during the period. Van ECK Associates Corp grew its position in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the period. BNP Paribas Financial Markets increased its stake in shares of New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after purchasing an additional 2,664,153 shares in the last quarter. Renaissance Technologies LLC raised its holdings in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after purchasing an additional 2,399,200 shares during the period. Finally, ArrowMark Colorado Holdings LLC purchased a new position in New Gold during the third quarter valued at $4,787,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.