Cubist Systematic Strategies LLC Sells 124,628 Shares of New Gold Inc. $NGD

Key Points

• Cubist Systematic Strategies LLC reduced its stake in New Gold Inc. by 24.8% during the first quarter, selling 124,628 shares, leaving it with 377,779 shares valued at $1,398,000.
• Several institutional investors have increased their holdings in New Gold, with Pale Fire Capital SE acquiring a new position worth over $23 million and JGP Global Gestao de Recursos Ltda. boosting its shares by 64.4%.
• New Gold currently holds an average rating of "Buy" from analysts, with a consensus target price of $4.38, and the stock has traded up 2.6% recently.

Cubist Systematic Strategies LLC decreased its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 24.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 377,779 shares of the company's stock after selling 124,628 shares during the quarter. Cubist Systematic Strategies LLC's holdings in New Gold were worth $1,398,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of NGD. Pale Fire Capital SE bought a new position in shares of New Gold in the 1st quarter worth $23,920,000. JGP Global Gestao de Recursos Ltda. grew its position in New Gold by 64.4% in 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. American Century Companies Inc. increased its stake in New Gold by 23.7% in the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock valued at $56,033,000 after acquiring an additional 2,898,895 shares during the last quarter. Nokomis Capital L.L.C. raised its position in New Gold by 203.8% during the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock valued at $10,285,000 after purchasing an additional 2,782,296 shares in the last quarter. Finally, Bank of America Corp DE raised its position in New Gold by 46.2% during the fourth quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock valued at $19,655,000 after purchasing an additional 2,504,157 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Up 0.5%

Shares of NYSE NGD traded up $0.04 during trading on Thursday, reaching $6.53. The company had a trading volume of 8,096,025 shares, compared to its average volume of 19,218,584. The business's 50-day moving average is $5.06 and its 200 day moving average is $4.26. 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 stock has a market cap of $5.17 billion, a PE ratio of 50.20 and a beta of 0.43. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $6.59.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NGD shares. CIBC upped their price objective on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday. Finally, Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price target on the stock in a research report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, New Gold currently has an average rating of "Buy" and an average price target of $4.56.

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.