New Gold (NYSE:NGD) Given New $6.25 Price Target at CIBC

New Gold (NYSE:NGD - Free Report) had its price target hoisted by CIBC from $5.50 to $6.25 in a research report released on Tuesday,Benzinga reports. CIBC currently has an outperformer rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. National Bankshares restated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. Scotiabank reiterated an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. Finally, New Street Research set a $3.90 price target on shares of New Gold in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $4.38.

New Gold Price Performance

Shares of NYSE:NGD traded down $0.03 during midday trading on Tuesday, reaching $4.32. 8,571,251 shares of the company's stock were exchanged, compared to its average volume of 15,260,264. The company's 50 day simple moving average is $4.57 and its two-hundred day simple moving average is $3.63. The firm has a market capitalization of $3.42 billion, a PE ratio of 33.19 and a beta of 0.45. New Gold has a 12 month low of $1.94 and a 12 month high of $5.16. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Institutional Trading of New Gold

A number of institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC raised its position in New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after acquiring an additional 2,619,782 shares in the last quarter. Invesco Ltd. raised its position in New Gold by 16.9% during the first quarter. Invesco Ltd. now owns 15,761,737 shares of the company's stock worth $58,476,000 after acquiring an additional 2,280,732 shares in the last quarter. American Century Companies Inc. raised its position in New Gold by 23.7% during the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock worth $56,033,000 after acquiring an additional 2,898,895 shares in the last quarter. JGP Global Gestao de Recursos Ltda. raised its position in New Gold by 64.4% during the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after acquiring an additional 4,187,997 shares in the last quarter. Finally, Bank of Montreal Can raised its position in New Gold by 36.9% during the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after acquiring an additional 2,613,285 shares in the last quarter. 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.