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

by · The Cerbat Gem

New Gold Inc. (NYSE:NGD – Get Free Report)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.84, but opened at $3.98. New Gold shares last traded at $3.86, with a volume of 3,393,946 shares.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NGD. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. StockNews.com lowered New Gold from a “buy” rating to a “hold” rating in a research note on Thursday. CIBC cut their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Raymond James set a $4.00 price objective on New Gold and gave the company a “market perform” rating in a research note on Friday, April 4th. Finally, National Bank Financial upgraded New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Three research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.85.

Read Our Latest Stock Analysis on New Gold

New Gold Stock Up 2.0 %

The firm has a market capitalization of $3.10 billion, a P/E ratio of 30.12 and a beta of 0.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The stock has a fifty day moving average of $3.31 and a 200 day moving average of $2.96.

Hedge Funds Weigh In On New Gold

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its holdings in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after purchasing an additional 4,500 shares during the period. Oxbow Advisors LLC boosted its holdings in shares of New Gold by 1.7% in the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after purchasing an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp grew its position in New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after acquiring an additional 5,331 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of New Gold by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock valued at $2,258,000 after purchasing an additional 7,367 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in New Gold by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About New Gold

(Get Free Report)

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.

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