New Gold (NYSE:NGD) Trading Down 6.5% – What’s Next?

Shares of New Gold Inc. (NYSE:NGD) fell 6.5% during mid-day trading on Friday . The stock traded as low as $2.82 and last traded at $2.82. 3,790,866 shares changed hands during trading, a decline of 69% from the average session volume of 12,247,100 shares. The stock had previously closed at $3.01.

Analysts Set New Price Targets

Several brokerages have issued reports on NGD. Scotiabank lifted their price target on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One 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, the company currently has an average rating of “Buy” and an average target price of $3.60.

New Gold Stock Performance

The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The business has a 50 day moving average price of $2.77 and a two-hundred day moving average price of $2.74. The company has a market cap of $2.24 billion, a P/E ratio of 21.81 and a beta of 1.36.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in shares of New Gold by 684.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after buying an additional 1,279,500 shares during the last quarter. Eastern Bank bought a new position in New Gold in the 3rd quarter valued at approximately $33,000. DORCHESTER WEALTH MANAGEMENT Co bought a new position in New Gold in the 3rd quarter valued at approximately $592,000. Allworth Financial LP lifted its position in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after acquiring an additional 9,418 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of New Gold during the 3rd quarter valued at $58,000. 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.