New Gold (NYSE:NGD) Shares Gap Down - What's Next?

New Gold Inc. (NYSE:NGD - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $2.74, but opened at $2.62. New Gold shares last traded at $2.56, with a volume of 3,211,083 shares trading hands.

Analysts Set New Price Targets

Several research firms recently weighed in on NGD. Scotiabank upped their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a research report on Tuesday, September 17th. StockNews.com upgraded New Gold from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Royal Bank of Canada increased their target price on shares of New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $3.08.

New Gold Stock Down 8.4 %

The firm has a market cap of $1.99 billion, a P/E ratio of 126.50 and a beta of 1.31. The business's 50-day simple moving average is $2.83. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, research analysts anticipate that New Gold Inc. will post 0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Gold

A number of institutional investors and hedge funds have recently modified their holdings of NGD. CIBC Asset Management Inc raised its position in shares of New Gold by 2.2% during the 3rd quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company's stock worth $6,105,000 after acquiring an additional 44,571 shares in the last quarter. Plato Investment Management Ltd purchased a new position in shares of New Gold in the 3rd quarter valued at $226,000. Sumitomo Mitsui Trust Group Inc. raised its stake in New Gold by 12.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 265,441 shares of the company's stock worth $764,000 after acquiring an additional 30,366 shares in the last quarter. Old West Investment Management LLC grew its holdings 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 worth $2,880,000 after purchasing an additional 300,000 shares during the last quarter. Finally, Intact Investment Management Inc. increased its position in shares of New Gold by 9.4% during the third quarter. Intact Investment Management Inc. now owns 2,329,400 shares of the company's stock worth $6,752,000 after purchasing an additional 200,000 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

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.

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