New Gold (NYSE:NGD) Shares Gap Up - Time to Buy?

New Gold Inc. (NYSE:NGD - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.64, but opened at $3.80. New Gold shares last traded at $3.76, with a volume of 2,319,007 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. CIBC lowered their price objective on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a report on Thursday, February 27th. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and upped their target price for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. Finally, National Bankshares reissued an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $3.85.

New Gold Stock Performance

The stock has a market capitalization of $2.68 billion, a P/E ratio of 26.08 and a beta of 0.93. The stock's 50-day simple moving average is $3.22 and its 200 day simple moving average is $2.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Hedge Funds Weigh In On New Gold

Several institutional investors and hedge funds have recently made changes to their positions in NGD. Allspring Global Investments Holdings LLC increased its position in New Gold by 0.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after buying an additional 4,500 shares during the period. Oxbow Advisors LLC lifted its position in shares of New Gold by 1.7% during the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock valued at $687,000 after acquiring an additional 4,624 shares during the period. Bank of New York Mellon Corp increased its position in shares of New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after purchasing an additional 5,331 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock valued at $2,258,000 after purchasing an additional 7,367 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company's stock worth $1,084,000 after buying an additional 7,394 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

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.