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

New Gold Inc. (NYSE:NGD - Get Free Report) saw some unusual options trading on Wednesday. Investors acquired 15,711 call options on the company. This represents an increase of approximately 390% compared to the typical daily volume of 3,205 call options.

New Gold Price Performance

Shares of NGD stock traded down $0.09 during trading hours on Wednesday, hitting $2.92. The company had a trading volume of 10,023,012 shares, compared to its average volume of 8,055,659. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $2.31 billion, a PE ratio of -30.05 and a beta of 1.30. The business's fifty day moving average is $2.77. New Gold has a fifty-two week low of $1.03 and a fifty-two week high of $3.25.

New Gold (NYSE:NGD - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $218.20 million during the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. Equities analysts forecast that New Gold will post 0.15 earnings per share for the current year.

Institutional Trading of New Gold

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in shares of New Gold by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company's stock worth $4,670,000 after acquiring an additional 200,799 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in New Gold during the 1st quarter worth approximately $1,074,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of New Gold in the 2nd quarter valued at approximately $458,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of New Gold in the 2nd quarter valued at $356,000. Finally, SG Americas Securities LLC lifted its position in shares of New Gold by 49.9% during the 3rd quarter. SG Americas Securities LLC now owns 145,990 shares of the company's stock worth $420,000 after purchasing an additional 48,614 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. CIBC increased their target price on shares of New Gold from $3.00 to $3.40 and gave the company an "outperformer" rating in a research report on Wednesday, July 10th. StockNews.com lowered New Gold from a "buy" rating to a "hold" rating in a report on Thursday, October 17th. Cibc World Mkts raised shares of New Gold to a "strong-buy" rating in a report on Wednesday, July 10th. Scotiabank raised their price objective on shares of New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $2.74.

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.