New Gold (NYSE:NGD) Shares Gap Up – Time to Buy?

New Gold Inc. (NYSE:NGD) gapped up prior to trading on Wednesday . The stock had previously closed at $3.37, but opened at $3.49. New Gold shares last traded at $3.52, with a volume of 9,829,700 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NGD shares. National Bank Financial raised New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Scotiabank upped their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and raised their price target for the company from $2.60 to $3.90 in a research report on Wednesday. Finally, CIBC lowered their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $3.66.

New Gold Trading Up 4.3 %

The business’s fifty day simple moving average is $2.99 and its two-hundred day simple moving average is $2.85. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 27.85 and a beta of 1.35.

Hedge Funds Weigh In On New Gold

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its holdings in shares of New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after purchasing an additional 2,664,153 shares during the last quarter. XTX Topco Ltd lifted its stake in New Gold by 294.7% in the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock valued at $1,408,000 after buying an additional 365,079 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at approximately $87,000. Centiva Capital LP purchased a new position in shares of New Gold during the third quarter worth approximately $595,000. Finally, National Bank of Canada FI increased its holdings in shares of New Gold by 22.9% in the 3rd quarter. National Bank of Canada FI now owns 2,374,142 shares of the company’s stock valued at $6,844,000 after acquiring an additional 442,527 shares during the period. Hedge funds and other 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.