New Gold (NYSE:NGD) Trading Down 4.5% – Here’s What Happened

New Gold Inc. (NYSE:NGD)’s stock price fell 4.5% during trading on Thursday . The company traded as low as $2.93 and last traded at $2.94. 906,262 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 8,209,975 shares. The stock had previously closed at $3.08.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NGD shares. Scotiabank upped their target price on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Royal Bank of Canada upped their price objective on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $3.41.

New Gold Price Performance

The stock has a 50-day moving average price of $2.80 and a two-hundred day moving average price of $2.52. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 138.50 and a beta of 1.32.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million during the quarter. As a group, equities research analysts forecast that New Gold Inc. will post 0.18 EPS for the current year.

Institutional Investors Weigh In On New Gold

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP increased its holdings in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares during the period. Eastern Bank acquired a new stake in shares of New Gold in the third quarter worth $33,000. Scientech Research LLC acquired a new stake in shares of New Gold in the second quarter worth $28,000. Rathbones Group PLC purchased a new position in shares of New Gold during the second quarter worth $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new position in New Gold during the third quarter valued at $58,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.