New Gold (NYSE:NGD) Shares Gap Up - Should You Buy?

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.37, but opened at $3.49. New Gold shares last traded at $3.52, with a volume of 9,829,700 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NGD shares. Scotiabank increased their price target on shares of New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a report on Thursday, February 13th. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and increased their price objective for the company from $2.60 to $3.90 in a research note on Wednesday. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a report on Friday, March 21st. Finally, CIBC reduced their price target on New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, New Gold has an average rating of "Buy" and a consensus target price of $3.66.

New Gold Stock Down 0.6 %

The company has a market cap of $2.85 billion, a price-to-earnings ratio of 27.69 and a beta of 1.35. The business has a 50-day simple moving average of $3.01 and a two-hundred day simple moving average of $2.86. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Hillsdale Investment Management Inc. raised its holdings in 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 acquiring an additional 4,671,399 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after buying an additional 2,931,470 shares during the period. Nokomis Capital L.L.C. lifted its holdings in shares of New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock worth $10,285,000 after acquiring an additional 2,782,296 shares during the period. BNP Paribas Financial Markets raised its position in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company's stock valued at $7,755,000 after purchasing an additional 2,664,153 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

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.