New Gold (NYSE:NGD) Shares Down 2.2% – What’s Next?

New Gold Inc. (NYSE:NGD)’s share price fell 2.2% during trading on Wednesday . The stock traded as low as $2.69 and last traded at $2.71. 1,364,233 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 7,830,903 shares. The stock had previously closed at $2.77.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $3.41.

New Gold Stock Up 0.7 %

The stock has a market cap of $2.18 billion, a P/E ratio of 24.64 and a beta of 1.34. 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 business has a 50-day simple moving average of $2.68 and a 200-day simple moving average of $2.61.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NGD. Mackenzie Financial Corp raised its stake in New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after acquiring an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp raised its stake in New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after acquiring an additional 3,541,882 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of New Gold by 9,360.7% during the third 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 during the last quarter. Renaissance Technologies LLC grew its holdings in shares of New Gold by 13.5% during the second 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 last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new stake in shares of New Gold during the third quarter worth $4,787,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.