New Gold (NYSEAMERICAN:NGD) Stock Price Up 8.4%

New Gold Inc. (NYSEAMERICAN:NGDGet Rating)’s share price rose 8.4% during mid-day trading on Thursday . The company traded as high as $0.83 and last traded at $0.83. Approximately 12,992 shares changed hands during trading, a decline of 100% from the average daily volume of 6,712,813 shares. The stock had previously closed at $0.76.

Wall Street Analyst Weigh In

NGD has been the topic of a number of research reports. National Bank Financial dropped their target price on shares of New Gold from C$1.50 to C$1.20 in a research report on Thursday, July 21st. Canaccord Genuity Group upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Thursday, April 21st. BMO Capital Markets lowered their price objective on shares of New Gold from C$3.00 to C$2.00 in a report on Wednesday, July 13th. TheStreet downgraded shares of New Gold from a “b-” rating to a “c” rating in a report on Thursday, May 19th. Finally, Raymond James lowered their price objective on shares of New Gold from $2.00 to $1.50 and set a “market perform” rating on the stock in a report on Wednesday, July 13th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, New Gold currently has an average rating of “Hold” and a consensus price target of $1.51.

New Gold Stock Performance

The firm has a market cap of $552.31 million, a P/E ratio of -16.19, a PEG ratio of 1.21 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.68 and a current ratio of 2.38.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new position in New Gold during the first quarter valued at approximately $33,000. Gotham Asset Management LLC bought a new position in New Gold during the fourth quarter valued at approximately $40,000. Citigroup Inc. grew its position in New Gold by 127.1% during the first quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 12,707 shares during the last quarter. Versor Investments LP bought a new position in New Gold during the first quarter valued at approximately $42,000. Finally, Monaco Asset Management SAM bought a new position in New Gold during the fourth quarter valued at approximately $43,000. 30.03% of the stock is owned by hedge funds and other institutional investors.

About New Gold

(Get Rating)

New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; and New Afton mine situated in British Columbia, Canada.

Featured Articles

Receive News & Ratings for New Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold and related companies with MarketBeat.com's FREE daily email newsletter.