New Gold (NYSE:NGD) Stock Price Up 5.2% – Here’s Why

New Gold Inc. (NYSE:NGD)’s stock price rose 5.2% during mid-day trading on Tuesday . The stock traded as high as $2.97 and last traded at $2.94. Approximately 1,454,039 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 14,171,474 shares. The stock had previously closed at $2.79.

Analyst Ratings Changes

NGD has been the topic of several research analyst reports. Scotiabank upped their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. CIBC reduced their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Price Performance

The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 24.32 and a beta of 1.35. 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 business has a 50 day simple moving average of $2.84 and a 200-day simple moving average of $2.79.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. SIH Partners LLLP purchased a new position in New Gold in the 4th quarter valued at approximately $27,000. Tudor Investment Corp ET AL purchased a new position in New Gold in the fourth quarter worth $27,000. DGS Capital Management LLC purchased a new position in New Gold in the fourth quarter worth $30,000. Samalin Investment Counsel LLC bought a new stake in New Gold in the fourth quarter worth $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in New Gold in the fourth quarter worth $39,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.