New Gold Inc. (NYSE:NGD - Get Free Report) shares rose 2.1% during trading on Monday . The company traded as high as $3.67 and last traded at $3.68. Approximately 2,254,468 shares traded hands during trading, a decline of 79% from the average daily volume of 10,696,727 shares. The stock had previously closed at $3.60.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on NGD shares. Scotiabank lifted their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a research note on Thursday, February 13th. CIBC dropped their price target on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Bank of America upgraded shares of 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 report on Wednesday, March 26th. New Street Research set a $3.90 target price on New Gold in a report on Wednesday, March 26th. Finally, National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $3.70.
Read Our Latest Report on New Gold
New Gold Trading Down 2.2 %
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 firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 27.23 and a beta of 1.35. The firm's 50 day moving average is $3.07 and its 200 day moving average is $2.88.
Institutional Investors Weigh In On New Gold
Several large investors have recently modified their holdings of NGD. SIH Partners LLLP purchased a new stake in shares of New Gold during the fourth quarter valued at $27,000. Tudor Investment Corp ET AL purchased a new stake in New Gold during the fourth quarter valued at about $27,000. DGS Capital Management LLC acquired a new position in shares of New Gold in the fourth quarter worth about $30,000. Samalin Investment Counsel LLC purchased a new position in shares of New Gold in the fourth quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of New Gold during the fourth quarter valued at approximately $39,000. 42.82% of the stock is owned by institutional investors.
New Gold Company Profile
(
Get Free Report)
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.
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