New Gold (NYSE:NGD) Shares Up 3.9% – Here’s Why

Shares of New Gold Inc. (NYSE:NGD) rose 3.9% during mid-day trading on Tuesday . The company traded as high as $3.39 and last traded at $3.36. Approximately 2,616,498 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 10,312,488 shares. The stock had previously closed at $3.23.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. CIBC lowered their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Scotiabank lifted their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. Finally, National Bank Financial upgraded New Gold to a “strong-buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Price Performance

The firm has a market cap of $2.68 billion, a PE ratio of 26.04 and a beta of 1.35. The stock has a 50 day simple moving average of $2.95 and a two-hundred day simple moving average of $2.83. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP acquired a new position in shares of New Gold in the 4th quarter valued at $2,830,000. PKO Investment Management Joint Stock Co acquired a new position in shares of New Gold in the fourth quarter worth about $874,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after acquiring an additional 7,367 shares during the period. Wexford Capital LP purchased a new stake in shares of New Gold during the 4th quarter worth about $310,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of New Gold during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Company Profile

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.