Renaissance Technologies LLC Buys 2,619,782 Shares of New Gold Inc. (NYSE:NGD)

Renaissance Technologies LLC lifted its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 11.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,146,246 shares of the company's stock after buying an additional 2,619,782 shares during the period. Renaissance Technologies LLC owned about 3.18% of New Gold worth $62,363,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NGD. DGS Capital Management LLC purchased a new position in shares of New Gold during the fourth quarter worth approximately $30,000. Samalin Investment Counsel LLC purchased a new stake in New Gold during the fourth quarter valued at about $32,000. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in New Gold during the fourth quarter valued at about $74,000. Atria Wealth Solutions Inc. bought a new position in shares of New Gold during the fourth quarter valued at about $87,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of New Gold in the fourth quarter worth about $103,000. Institutional investors own 42.82% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on NGD shares. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and raised their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bank Financial raised shares of New Gold to a "strong-buy" rating in a research note on Friday, March 21st. CIBC dropped their price target 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 shares of New Gold and gave the company a "market perform" rating in a research report on Friday, April 4th. Finally, Scotiabank raised their target price on New Gold from $4.25 to $4.75 and gave the stock a "sector outperform" rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, New Gold has an average rating of "Buy" and a consensus target price of $3.85.

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New Gold Stock Up 0.6 %

New Gold stock traded up $0.02 on Tuesday, hitting $3.61. 10,167,721 shares of the stock traded hands, compared to its average volume of 11,324,672. The business's fifty day simple moving average is $3.12 and its 200 day simple moving average is $2.89. The firm has a market cap of $2.86 billion, a P/E ratio of 27.77 and a beta of 0.93. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 1 year low of $1.66 and a 1 year high of $3.78.

New Gold Company Profile

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.