New Gold Inc. (NYSE:NGD - Get Free Report) shares were up 3.9% during trading on Tuesday . The stock traded as high as $3.39 and last traded at $3.36. Approximately 2,616,498 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 10,312,488 shares. The stock had previously closed at $3.23.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the company. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and upped their target price for the stock from $2.60 to $3.90 in a research report on Wednesday. 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. Finally, Scotiabank boosted their price target 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. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $3.66.
View Our Latest Stock Report on New Gold
New Gold Price Performance
The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The company has a fifty day moving average of $3.01 and a 200-day moving average of $2.86. The firm has a market cap of $2.85 billion, a P/E ratio of 27.69 and a beta of 1.35.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NGD. SIH Partners LLLP bought a new position in shares of New Gold during the 4th quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold during the fourth quarter valued at approximately $27,000. DGS Capital Management LLC bought a new stake in New Gold during the fourth quarter worth $30,000. Samalin Investment Counsel LLC purchased a new position in New Gold in the fourth quarter worth $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in New Gold in the 4th quarter valued at $39,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.
About New Gold
(
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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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