New Gold (NYSE:NGD) Stock Price Expected to Rise, Scotiabank Analyst Says

New Gold (NYSE:NGD - Get Free Report) had its target price lifted by equities researchers at Scotiabank from $4.00 to $4.25 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price target suggests a potential upside of 19.05% from the company's previous close.

Several other analysts have also recently commented on the stock. National Bank Financial raised shares of New Gold to a "strong-buy" rating in a research note on Friday, March 21st. New Street Research set a $3.90 price target on shares of New Gold in a research report on Wednesday, March 26th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and upped their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, CIBC cut their target price on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Two investment 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 presently has a consensus rating of "Buy" and an average price target of $3.78.

New Gold Price Performance

NYSE NGD traded up $0.17 during mid-day trading on Tuesday, hitting $3.57. The stock had a trading volume of 21,383,355 shares, compared to its average volume of 11,291,909. The company has a 50 day simple moving average of $3.11 and a 200 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. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 27.46 and a beta of 0.93. New Gold has a 52-week low of $1.66 and a 52-week high of $3.78.

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Institutional Trading of New Gold

Several hedge funds have recently bought and sold shares of NGD. Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at approximately $87,000. Virtu Financial LLC acquired a new stake in New Gold in the 3rd quarter valued at approximately $941,000. National Bank of Canada FI raised its stake in New Gold by 22.9% during the 3rd quarter. National Bank of Canada FI now owns 2,374,142 shares of the company's stock valued at $6,844,000 after acquiring an additional 442,527 shares in the last quarter. Raymond James Financial Inc. acquired a new position in New Gold during the 4th quarter worth $1,918,000. Finally, Two Sigma Advisers LP boosted its position 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 acquiring an additional 681,822 shares during the period. 42.82% of the stock is currently 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.