New Gold (NYSE:NGD) Stock Price Down 14.8% – Here’s What Happened

by · The Markets Daily

Shares of New Gold Inc. (NYSE:NGD – Get Free Report) were down 14.8% during mid-day trading on Friday . The company traded as low as $2.98 and last traded at $3.02. Approximately 21,325,459 shares were traded during mid-day trading, an increase of 94% from the average daily volume of 10,988,025 shares. The stock had previously closed at $3.54.

Analyst Ratings Changes

NGD has been the subject of several recent research reports. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Scotiabank upped their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. New Street Research set a $3.90 price target on New Gold in a report on Wednesday, March 26th. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, CIBC cut their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, New Gold has a consensus rating of “Buy” and a consensus target price of $3.70.

Check Out Our Latest Report on New Gold

New Gold Trading Down 15.0 %

The stock has a market capitalization of $2.38 billion, a P/E ratio of 23.16 and a beta of 0.93. The business has a 50 day simple moving average of $3.08 and a 200-day simple moving average of $2.88. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Institutional Investors Weigh In On New Gold

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

New Gold Company Profile

(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.

Featured Stories