New Gold (NYSE:NGD) Price Target Raised to $4.00 at Scotiabank

New Gold (NYSE:NGD - Get Free Report) had its price objective increased by stock analysts at Scotiabank from $3.50 to $4.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price target suggests a potential upside of 37.46% from the stock's previous close.

Separately, StockNews.com upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $3.60.

New Gold Price Performance

Shares of New Gold stock traded down $0.12 on Thursday, hitting $2.91. 12,180,095 shares of the company traded hands, compared to its average volume of 12,047,506. The stock has a market capitalization of $2.30 billion, a P/E ratio of 145.50 and a beta of 1.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. New Gold has a 52 week low of $1.10 and a 52 week high of $3.25. The business has a 50-day simple moving average of $2.77 and a 200 day simple moving average of $2.73.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company's stock worth $7,755,000 after buying an additional 2,664,153 shares during the period. XTX Topco Ltd boosted its stake in shares of New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company's stock valued at $1,408,000 after purchasing an additional 365,079 shares during the period. Van ECK Associates Corp boosted its stake in shares of New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company's stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the period. Old West Investment Management LLC boosted its stake in shares of New Gold by 42.9% during the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company's stock valued at $2,880,000 after purchasing an additional 300,000 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company's stock valued at $4,255,000 after purchasing an additional 1,279,500 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.