New Gold (NYSE:NGD) Stock Price Down 5.5% - Here's What Happened

New Gold Inc. (NYSE:NGD - Get Free Report) traded down 5.5% on Wednesday . The company traded as low as $2.73 and last traded at $2.75. 6,178,058 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 8,041,667 shares. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NGD. Scotiabank boosted their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a research note on Tuesday, September 17th. CIBC lifted their target price on New Gold from $3.00 to $3.40 and gave the company an "outperformer" rating in a report on Wednesday, July 10th. Royal Bank of Canada boosted their target price on New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. StockNews.com raised shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Cibc World Mkts upgraded shares of New Gold to a "strong-buy" rating in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $3.08.

New Gold Stock Down 2.1 %

The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average of $2.80. The stock has a market capitalization of $2.25 billion, a P/E ratio of -28.50 and a beta of 1.30.

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, beating the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The firm had revenue of $218.20 million during the quarter. As a group, research analysts expect that New Gold Inc. will post 0.15 EPS for the current year.

Institutional Investors Weigh In On New Gold

A number of hedge funds have recently added to or reduced their stakes in NGD. Van ECK Associates Corp raised its position in New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company's stock worth $215,743,000 after acquiring an additional 3,541,882 shares during the last quarter. Renaissance Technologies LLC lifted its stake in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company's stock valued at $39,217,000 after buying an additional 2,399,200 shares in the last quarter. Mackenzie Financial Corp grew its holdings in New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company's stock valued at $32,229,000 after buying an additional 5,948,394 shares during the last quarter. Herr Investment Group LLC increased its position in New Gold by 40.4% during the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company's stock worth $10,160,000 after buying an additional 1,499,745 shares in the last quarter. Finally, TD Asset Management Inc increased its position in New Gold by 9.8% during the second quarter. TD Asset Management Inc now owns 4,129,508 shares of the company's stock worth $8,148,000 after buying an additional 369,354 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

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.