New Gold (NYSE:NGD) Stock Price Up 2.1% – Still a Buy?

New Gold Inc. (NYSE:NGD)’s share price shot up 2.1% during mid-day trading on Monday . The company traded as high as $3.67 and last traded at $3.68. 2,254,468 shares changed hands during trading, a decline of 79% from the average session volume of 10,696,727 shares. The stock had previously closed at $3.60.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NGD shares. CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a report on Thursday, February 27th. National Bank Financial upgraded New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. Finally, Scotiabank increased their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $3.66.

New Gold Price Performance

The firm has a 50-day simple moving average of $3.01 and a two-hundred day simple moving average of $2.86. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 28.35 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NGD. Dynamic Technology Lab Private Ltd grew its stake in shares of New Gold by 326.2% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 59,744 shares of the company’s stock worth $172,000 after purchasing an additional 45,726 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in New Gold by 22.7% during the third quarter. The Manufacturers Life Insurance Company now owns 805,399 shares of the company’s stock worth $2,337,000 after buying an additional 148,743 shares in the last quarter. BNP Paribas Financial Markets grew its position in 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 valued at $7,755,000 after buying an additional 2,664,153 shares during the period. Northwest & Ethical Investments L.P. increased its holdings in New Gold by 115.1% in the third quarter. Northwest & Ethical Investments L.P. now owns 241,878 shares of the company’s stock valued at $701,000 after buying an additional 129,447 shares in the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of New Gold in the third quarter worth about $287,000. 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.