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

New Gold Inc. (NYSE:NGD - Get Free Report) saw some unusual options trading on Wednesday. Stock traders acquired 10,911 call options on the company. This is an increase of approximately 151% compared to the average volume of 4,345 call options.

New Gold Price Performance

Shares of NGD traded down $0.01 during mid-day trading on Monday, hitting $3.56. The company's stock had a trading volume of 13,569,252 shares, compared to its average volume of 11,302,723. New Gold has a fifty-two week low of $1.66 and a fifty-two week high of $3.78. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 27.39 and a beta of 0.93. The firm has a 50-day moving average price of $3.11 and a 200 day moving average price of $2.88. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hillsdale Investment Management Inc. raised its position in shares of New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock worth $23,657,000 after purchasing an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP increased its stake in New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after purchasing an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. boosted its holdings in shares of New Gold by 203.8% in the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock worth $10,285,000 after buying an additional 2,782,296 shares during the period. Renaissance Technologies LLC increased its position in shares of New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after acquiring an additional 2,619,782 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of New Gold by 36.9% during the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after acquiring an additional 2,613,285 shares during the period. Institutional investors and hedge funds own 42.82% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Scotiabank increased their price objective on New Gold from $4.25 to $4.75 and gave the stock a "sector outperform" rating in a report on Monday. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. New Street Research set a $3.90 price target on New Gold in a report on Wednesday, March 26th. Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and upped their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, National Bank Financial raised shares of New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, New Gold presently has an average rating of "Buy" and a consensus target price of $3.85.

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.