New Gold (NYSE:NGD) Stock Price Up 5.2% – What’s Next?

Shares of New Gold Inc. (NYSE:NGD) traded up 5.2% during mid-day trading on Tuesday . The stock traded as high as $2.97 and last traded at $2.94. 1,454,039 shares traded hands during trading, a decline of 90% from the average session volume of 14,171,474 shares. The stock had previously closed at $2.79.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NGD shares. CIBC dropped their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Scotiabank upped their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Stock Up 5.9 %

The firm has a 50-day simple moving average of $2.81 and a 200 day simple moving average of $2.78. The company has a market capitalization of $2.34 billion, a PE ratio of 22.73 and a beta of 1.35. 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 Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after purchasing an additional 7,367 shares during the period. Wexford Capital LP bought a new stake in shares of New Gold during the 4th quarter valued at about $310,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in New Gold in the fourth quarter valued at approximately $43,000. Man Group plc bought a new position in New Gold during the 4th quarter worth $611,000. Finally, Nokomis Capital L.L.C. increased its position in 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. Institutional investors 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.