Dauntless Investment Group LLC Makes New $399,000 Investment in New Gold Inc. (NYSE:NGD)

Dauntless Investment Group LLC purchased a new position in shares of New Gold Inc. (NYSE:NGD - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 160,696 shares of the company's stock, valued at approximately $399,000.

A number of other large investors also recently modified their holdings of NGD. Allspring Global Investments Holdings LLC increased 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 in the last quarter. Oxbow Advisors LLC boosted its position in shares of New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after buying an additional 4,624 shares during the period. Bank of New York Mellon Corp grew its stake in shares of New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock valued at $125,000 after buying an additional 5,331 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of New Gold by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company's stock valued at $1,084,000 after buying an additional 7,394 shares during the period. Finally, Swiss National Bank raised its holdings in shares of New Gold by 0.6% during the 4th quarter. Swiss National Bank now owns 1,566,862 shares of the company's stock valued at $3,911,000 after buying an additional 9,500 shares during the period. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Down 2.0 %

Shares of NGD stock traded down $0.07 during trading hours on Friday, hitting $3.39. 21,416,944 shares of the company were exchanged, compared to its average volume of 12,014,095. 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 capitalization of $2.68 billion, a price-to-earnings ratio of 26.08 and a beta of 0.93. New Gold Inc. has a one year low of $1.73 and a one year high of $3.86. The business's 50-day simple moving average is $3.22 and its two-hundred day simple moving average is $2.93.

Analysts Set New Price Targets

Several analysts have issued reports on NGD shares. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. New Street Research set a $3.90 price target on shares of New Gold in a report on Wednesday, March 26th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. National Bankshares restated an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Finally, Raymond James set a $4.00 price target on New Gold and gave the stock a "market perform" rating in a research note on Friday, April 4th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $3.85.

About New Gold

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.