New Gold (NYSE:NGD) Shares Down 2.2% - Here's What Happened

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price was down 2.2% on Wednesday . The stock traded as low as $2.69 and last traded at $2.71. Approximately 1,364,233 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 7,830,903 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

NGD has been the topic of several analyst reports. Scotiabank lifted their price target on shares of New Gold from $2.75 to $3.25 and gave the company 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 research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, New Gold currently has a consensus rating of "Buy" and an average target price of $3.41.

New Gold Trading Down 1.4 %

The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The business has a 50-day simple moving average of $2.68 and a 200-day simple moving average of $2.61. The company has a market cap of $2.16 billion, a PE ratio of 136.50 and a beta of 1.34.

New Gold (NYSE:NGD - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million during the quarter. On average, analysts predict that New Gold Inc. will post 0.18 EPS for the current fiscal year.

Institutional Trading of New Gold

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp lifted its holdings in New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company's stock worth $215,743,000 after buying an additional 3,541,882 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company's stock valued at $39,217,000 after acquiring an additional 2,399,200 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company's stock valued at $32,229,000 after purchasing an additional 5,948,394 shares during the period. Herr Investment Group LLC boosted its holdings in New Gold by 40.4% in the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company's stock valued at $10,160,000 after purchasing an additional 1,499,745 shares during the period. Finally, Two Sigma Advisers LP grew its stake in New Gold by 18.7% during the 3rd quarter. Two Sigma Advisers LP now owns 4,322,930 shares of the company's stock worth $12,450,000 after purchasing an additional 681,822 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.