Traders Buy Large Volume of Call Options on New Gold (NYSE:NGD)

New Gold Inc. (NYSE:NGD - Get Free Report) saw unusually large options trading on Tuesday. Stock investors bought 7,078 call options on the stock. This is an increase of approximately 88% compared to the average daily volume of 3,773 call options.

Institutional Trading of New Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of New Gold by 12.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 265,441 shares of the company's stock valued at $764,000 after acquiring an additional 30,366 shares in the last quarter. CIBC Asset Management Inc grew its stake in New Gold by 2.2% in the third quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company's stock worth $6,105,000 after purchasing an additional 44,571 shares during the period. Pekin Hardy Strauss Inc. grew its stake in New Gold by 43.8% in the third quarter. Pekin Hardy Strauss Inc. now owns 262,750 shares of the company's stock worth $757,000 after purchasing an additional 80,000 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in New Gold by 326.2% in the third quarter. Dynamic Technology Lab Private Ltd now owns 59,744 shares of the company's stock worth $172,000 after purchasing an additional 45,726 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in New Gold by 22.7% in the third quarter. The Manufacturers Life Insurance Company now owns 805,399 shares of the company's stock worth $2,337,000 after purchasing an additional 148,743 shares during the period. Institutional investors own 42.82% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages have recently commented on NGD. CIBC cut their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a report on Thursday, February 27th. Scotiabank boosted their target price on New Gold from $3.50 to $4.00 and gave the stock a "sector outperform" rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $3.60.

New Gold Trading Down 3.3 %

NGD stock traded down $0.11 during midday trading on Friday, hitting $3.22. The company had a trading volume of 22,959,780 shares, compared to its average volume of 10,276,938. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold has a 52 week low of $1.56 and a 52 week high of $3.48. The stock's 50 day moving average price is $2.93 and its 200 day moving average price is $2.82. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 24.77 and a beta of 1.35.

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.