New Gold (NYSE:NGD) Shares Gap Down – Here’s What Happened

New Gold Inc. (NYSE:NGD) shares gapped down prior to trading on Thursday . The stock had previously closed at $3.62, but opened at $3.20. New Gold shares last traded at $3.63, with a volume of 3,884,733 shares changing hands.

Analyst Upgrades and Downgrades

NGD has been the subject of a number of research analyst reports. CIBC reduced their price target on shares of 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 upped their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. New Street Research set a $3.90 price objective on New Gold in a research report on Wednesday, March 26th. National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Bank of America raised New Gold from an “underperform” rating to a “buy” rating and raised their price target for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, New Gold presently has a consensus rating of “Buy” and a consensus price target of $3.70.

New Gold Stock Performance

The firm has a 50 day moving average price of $3.06 and a 200-day moving average price of $2.88. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company has a market cap of $2.84 billion, a P/E ratio of 27.62 and a beta of 1.35.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently modified their holdings of NGD. SIH Partners LLLP bought a new stake in shares of New Gold during the 4th quarter worth $27,000. Tudor Investment Corp ET AL acquired a new position in New Gold during the 4th quarter worth $27,000. DGS Capital Management LLC bought a new stake in New Gold during the fourth quarter valued at about $30,000. Samalin Investment Counsel LLC acquired a new stake in shares of New Gold in the fourth quarter valued at about $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of New Gold in the fourth quarter worth about $39,000. 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.