New Gold (NYSE:NGD) Shares Gap Up - Here's Why

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $3.36, but opened at $3.45. New Gold shares last traded at $3.38, with a volume of 2,465,388 shares changing hands.

Analyst Ratings Changes

NGD has been the subject of a number of recent research reports. CIBC dropped their target price on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a report on Thursday, February 27th. Scotiabank boosted their price objective on New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $3.60.

New Gold Stock Performance

The stock has a fifty day simple moving average of $2.93 and a 200-day simple moving average of $2.82. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.55 billion, a P/E ratio of 24.77 and a beta of 1.35.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. grew its holdings in New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock valued at $23,657,000 after purchasing an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of New Gold by 97.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after purchasing an additional 2,931,470 shares during the period. Nokomis Capital L.L.C. boosted its holdings in New Gold by 203.8% in the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock worth $10,285,000 after buying an additional 2,782,296 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company's stock worth $7,755,000 after acquiring an additional 2,664,153 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of New Gold by 11.6% during the 4th 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 during the period. Institutional investors and hedge funds own 42.82% of the company's stock.

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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.