Shares of New Gold Inc. (NYSE:NGD - Get Free Report) gapped up prior to trading on Wednesday after Scotiabank raised their price target on the stock from $4.25 to $4.75. The stock had previously closed at $2.98, but opened at $3.17. Scotiabank currently has a sector outperform rating on the stock. New Gold shares last traded at $3.12, with a volume of 3,692,486 shares traded.
A number of other equities analysts have also recently issued reports on NGD. New Street Research set a $3.90 target price on New Gold in a report on Wednesday, March 26th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. 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, CIBC decreased 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. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $3.85.
View Our Latest Research Report on New Gold
Institutional Investors Weigh In On New Gold
Several institutional investors have recently bought and sold shares of the company. SIH Partners LLLP acquired a new position in New Gold during the fourth quarter worth $27,000. Tudor Investment Corp ET AL bought a new position in shares of New Gold in the 4th quarter valued at about $27,000. DGS Capital Management LLC acquired a new stake in shares of New Gold in the fourth quarter valued at about $30,000. Samalin Investment Counsel LLC bought a new stake in New Gold during the fourth quarter worth about $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in New Gold during the fourth quarter valued at approximately $39,000. Institutional investors own 42.82% of the company's stock.
New Gold Stock Performance
The stock has a market capitalization of $2.82 billion, a P/E ratio of 27.39 and a beta of 0.93. The stock has a 50 day simple moving average of $3.11 and a two-hundred day simple moving average of $2.88. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.
About New Gold
(
Get Free Report)
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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