New Gold (NYSE:NGD) Trading 2.1% Higher - Should You Buy?

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) traded up 2.1% on Monday . The company traded as high as $3.67 and last traded at $3.68. 2,254,468 shares traded hands during trading, a decline of 79% from the average session volume of 10,696,727 shares. The stock had previously closed at $3.60.

Wall Street Analyst Weigh In

NGD has been the subject of a number of research reports. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price target for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Scotiabank raised 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 decreased their target price on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Finally, New Street Research set a $3.90 price target on shares of New Gold in a research report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, New Gold has an average rating of "Buy" and a consensus target price of $3.70.

New Gold Price Performance

The stock has a market cap of $2.38 billion, a P/E ratio of 23.16 and a beta of 1.35. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The business has a 50 day simple moving average of $3.07 and a 200-day simple moving average of $2.88.

Institutional Trading of New Gold

A number of institutional investors have recently modified their holdings of NGD. Renaissance Technologies LLC raised its holdings in New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after acquiring an additional 2,619,782 shares during the period. Invesco Ltd. grew its holdings in New Gold by 3.6% during the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock valued at $33,433,000 after buying an additional 469,748 shares in the last quarter. American Century Companies Inc. increased its position in shares of New Gold by 3.9% during the fourth quarter. American Century Companies Inc. now owns 12,250,758 shares of the company's stock valued at $30,577,000 after buying an additional 459,317 shares during the period. Bank of Montreal Can lifted its holdings in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after buying an additional 2,613,285 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in shares of New Gold by 97.1% in the fourth 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 during the period. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.