New Gold (NYSE:NGD) Trading Down 14.8% - Time to Sell?

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price dropped 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 traded hands during 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

Several research analysts have recently weighed in on the company. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. Scotiabank upped their target price on New Gold from $4.00 to $4.25 and gave the company a "sector outperform" rating in a report on Tuesday. CIBC cut their target price on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price target for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. Finally, Raymond James set a $4.00 price objective on shares of New Gold and gave the stock a "market perform" rating in a research report on Friday, April 4th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $3.78.

New Gold Trading Up 8.7 %

The company has a market cap of $2.56 billion, a PE ratio of 24.92 and a beta of 0.93. The company's 50 day simple moving average is $3.09 and its two-hundred day simple moving average is $2.88. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

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Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. raised its holdings in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock valued at $23,657,000 after buying an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP increased its stake in New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after purchasing an additional 2,931,470 shares during the period. Nokomis Capital L.L.C. increased its stake in New Gold by 203.8% during the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock worth $10,285,000 after purchasing an additional 2,782,296 shares during the period. Renaissance Technologies LLC lifted its position in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after purchasing an additional 2,613,285 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.