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

by · The Markets Daily

New Gold Inc. (NYSE:NGD – Get Free Report)’s share price gapped down before the market opened on Friday . The stock had previously closed at $12.10, but opened at $10.40. New Gold shares last traded at $10.9710, with a volume of 3,542,760 shares traded.

Analyst Ratings Changes

NGD has been the topic of a number of analyst reports. Scotiabank upped their price target on New Gold to $12.75 and gave the company an “outperform” rating in a research report on Monday. CIBC upped their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, December 1st. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Finally, Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.18.

Get Our Latest Stock Report on New Gold

New Gold Stock Down 13.4%

The firm’s 50-day moving average is $9.30 and its two-hundred day moving average is $7.21. 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 stock has a market cap of $8.29 billion, a P/E ratio of 81.06 and a beta of 0.62.

Institutional Investors Weigh In On New Gold

Several large investors have recently modified their holdings of NGD. Van ECK Associates Corp lifted its holdings in shares of New Gold by 50.7% during the 3rd quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after purchasing an additional 24,495,669 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in New Gold by 89.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after buying an additional 13,591,642 shares during the period. Vanguard Group Inc. lifted its stake in New Gold by 81.2% in the fourth quarter. Vanguard Group Inc. now owns 20,787,033 shares of the company’s stock valued at $181,138,000 after buying an additional 9,318,051 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of New Gold by 8.2% in the third quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock valued at $120,985,000 after buying an additional 1,272,621 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of New Gold by 16.5% during the third quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock worth $95,904,000 after acquiring an additional 1,891,468 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors.

New Gold Company Profile

(Get Free Report)

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.

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