New Gold (NYSE:NGD) Trading Up 5.2% - What's Next?

New Gold Inc. (NYSE:NGD - Get Free Report)'s stock price rose 5.2% on Tuesday . The company traded as high as $2.97 and last traded at $2.94. Approximately 1,454,039 shares were traded during trading, a decline of 90% from the average daily volume of 14,171,474 shares. The stock had previously closed at $2.79.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. CIBC reduced their price target 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. 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 report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $3.60.

New Gold Stock Performance

The company's fifty day moving average is $2.86 and its 200 day moving average is $2.79. The company has a market capitalization of $2.57 billion, a P/E ratio of 25.12 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NGD. Allspring Global Investments Holdings LLC grew its position in New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after buying an additional 4,500 shares in the last quarter. Oxbow Advisors LLC lifted its holdings in shares of New Gold by 1.7% during the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after acquiring an additional 4,624 shares during the last quarter. Bank of New York Mellon Corp grew its position in New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after acquiring an additional 5,331 shares in the last quarter. Captrust Financial Advisors grew its position in New Gold by 17.6% in the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company's stock worth $129,000 after acquiring an additional 6,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock valued at $2,258,000 after acquiring an additional 7,367 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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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.