Cardinal Point Capital Management ULC Invests $1.02 Million in New Gold Inc. $NGD

Key Points

• Cardinal Point Capital Management has invested $1.02 million in New Gold Inc. by acquiring 205,600 shares, marking a significant investment during the second quarter.
• Analysts have responded positively, with CIBC increasing its price target from $6.50 to $9.50, and a consensus rating of "Buy" for the stock with an average target price of $6.46.
• New Gold shares currently trade at $6.46, with a 52-week range between $2.43 and $7.59, highlighting potential growth and investor interest in the company.

Cardinal Point Capital Management ULC bought a new position in shares of New Gold Inc. (NYSE:NGD - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 205,600 shares of the company's stock, valued at approximately $1,020,000.

Other large investors also recently made changes to their positions in the company. Cary Street Partners Financial LLC bought a new position in shares of New Gold during the first quarter worth approximately $37,000. Nwam LLC bought a new position in shares of New Gold during the first quarter worth approximately $45,000. Private Advisor Group LLC bought a new position in shares of New Gold during the first quarter worth approximately $50,000. Banque Cantonale Vaudoise bought a new position in shares of New Gold during the first quarter worth approximately $56,000. Finally, Tradition Wealth Management LLC bought a new position in shares of New Gold during the first quarter worth approximately $56,000. Institutional investors own 42.82% of the company's stock.

New Gold Trading Up 0.6%

Shares of NGD opened at $6.46 on Friday. New Gold Inc. has a 52-week low of $2.43 and a 52-week high of $7.59. The business's fifty day moving average is $6.49 and its 200-day moving average is $5.06. 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 firm has a market cap of $5.11 billion, a price-to-earnings ratio of 49.70 and a beta of 0.46.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NGD shares. CIBC raised their price objective on New Gold from $6.50 to $9.50 and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Raymond James Financial restated a "market perform" rating and set a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. Scotiabank raised their price objective on New Gold from $5.50 to $8.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, National Bankshares restated an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $6.46.

New Gold 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.

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