New Gold (NYSE:NGD) Sees Strong Trading Volume - Here's Why

New Gold Inc. (NYSE:NGD - Get Free Report) shares saw an uptick in trading volume on Monday . 15,946,419 shares were traded during mid-day trading, an increase of 53% from the previous session's volume of 10,416,832 shares.The stock last traded at $2.90 and had previously closed at $3.02.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $3.41.

New Gold Trading Down 3.9 %

The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The company has a market cap of $2.36 billion, a P/E ratio of 149.50 and a beta of 1.36. The business has a fifty day simple moving average of $2.75 and a 200 day simple moving average of $2.68.

Institutional Trading of New Gold

Several hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its position in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company's stock worth $30,000 after buying an additional 9,418 shares during the period. DGS Capital Management LLC acquired a new position in New Gold during the 4th quarter worth $30,000. Eastern Bank bought a new stake in shares of New Gold during the third quarter valued at about $33,000. NorthCrest Asset Manangement LLC acquired a new stake in New Gold in the third quarter worth about $58,000. Finally, Atria Wealth Solutions Inc. acquired a new position in New Gold during the 4th quarter valued at about $87,000. 42.82% of the stock is currently owned by institutional investors.

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.