New Gold (NYSE:NGD) Stock Price Up 11% – Still a Buy?
by Jessica Moore · The Cerbat GemShares of New Gold Inc. (NYSE:NGD – Get Free Report) shot up 11% on Thursday . The stock traded as high as $12.49 and last traded at $12.4720. 10,889,978 shares traded hands during trading, a decline of 37% from the average session volume of 17,286,637 shares. The stock had previously closed at $11.24.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on NGD shares. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, December 1st. Scotiabank upped their target price on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. CIBC raised their price target on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Finally, Raymond James Financial reiterated a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $7.38.
Read Our Latest Report on New Gold
New Gold Trading Up 12.3%
The company has a 50 day simple moving average of $8.64 and a 200 day simple moving average of $6.90. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $9.99 billion, a PE ratio of 97.08 and a beta of 0.62.
Institutional Investors Weigh In On New Gold
A number of hedge funds and other institutional investors have recently bought and sold shares of NGD. Employees Retirement System of Texas acquired a new position in shares of New Gold during the 2nd quarter worth $32,000. Aventura Private Wealth LLC purchased a new stake in New Gold during the fourth quarter worth about $34,000. Wealth Enhancement Advisory Services LLC acquired a new position in New Gold during the third quarter worth about $41,000. MAI Capital Management acquired a new position in New Gold during the third quarter worth about $43,000. Finally, SBI Securities Co. Ltd. increased its holdings in New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after buying an additional 8,472 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.
New Gold Company Profile
New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.
New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.