New Gold (NYSE:NGD) Sees Large Volume Increase – Here’s Why

New Gold Inc. (NYSE:NGD) shares saw unusually-strong trading volume on Tuesday . Approximately 14,004,328 shares changed hands during trading, an increase of 30% from the previous session’s volume of 10,795,266 shares.The stock last traded at $3.60 and had previously closed at $3.71.

Analyst Ratings Changes

NGD has been the topic of a number of analyst reports. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and upped their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. CIBC dropped their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. National Bank Financial raised New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Scotiabank boosted their price target on 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 equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $3.66.

New Gold Trading Down 4.2 %

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The firm has a fifty day simple moving average of $3.03 and a 200-day simple moving average of $2.87. The firm has a market cap of $2.81 billion, a P/E ratio of 27.43 and a beta of 1.35.

Hedge Funds Weigh In On New Gold

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP bought a new position in shares of New Gold during the fourth quarter valued at about $2,830,000. PKO Investment Management Joint Stock Co bought a new position in shares of New Gold during the 4th quarter worth approximately $874,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of New Gold by 0.8% in the 4th 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 buying an additional 7,367 shares during the last quarter. Wexford Capital LP bought a new position in shares of New Gold in the fourth quarter valued at approximately $310,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of New Gold during the fourth quarter valued at approximately $43,000. 42.82% of the stock is currently owned by institutional investors.

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.