New Gold Sees Unusually Large Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading activity on Wednesday. Stock traders bought 10,911 call options on the stock. This represents an increase of approximately 151% compared to the average daily volume of 4,345 call options.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NGD. Scotiabank boosted their price target on shares of New Gold from $4.00 to $4.25 and gave the stock a “sector outperform” rating in a research note on Tuesday. Raymond James set a $4.00 price target on New Gold and gave the company a “market perform” rating in a report on Friday, April 4th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. National Bank Financial upgraded New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Finally, CIBC decreased their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $3.78.

New Gold Stock Up 4.9 %

NGD opened at $3.40 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 26.16 and a beta of 0.93. New Gold has a one year low of $1.66 and a one year high of $3.78. The business’s fifty day moving average is $3.10 and its two-hundred day moving average is $2.88.

Institutional Investors Weigh In On New Gold

A number of large investors have recently added to or reduced their stakes in NGD. SIH Partners LLLP purchased a new position in New Gold during the 4th quarter valued at about $27,000. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold in the fourth quarter valued at approximately $27,000. DGS Capital Management LLC purchased a new position in shares of New Gold during the 4th quarter worth approximately $30,000. Samalin Investment Counsel LLC acquired a new position in shares of New Gold during the 4th quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in New Gold in the 4th quarter valued at approximately $39,000. 42.82% of the stock is owned by institutional investors and hedge funds.

About New Gold

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.