New Pacific Metals Corp. $NEWP Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 591,506 shares of New Pacific Metals in the second quarter, valued at approximately $2.38 million and representing a 0.32% stake.
• Institutional ownership reached 22.95%, with several other investors—including Equinox Partners, Renaissance Technologies and Legal & General—also increasing or initiating positions.
• Analysts maintain a positive outlook: four analysts rate the stock a “Buy,” with an average price target of $8.75 versus its reported opening price of $6.28.

Bank of America Corp DE purchased a new position in shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 591,506 shares of the scientific and technical instruments company's stock, valued at approximately $2,378,000. Bank of America Corp DE owned 0.32% of New Pacific Metals at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Equinox Partners Investment Management LLC lifted its stake in New Pacific Metals by 18.5% during the first quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company's stock worth $27,781,000 after purchasing an additional 1,044,000 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of New Pacific Metals in the first quarter worth about $1,493,000. Auxano Advisors LLC acquired a new stake in shares of New Pacific Metals in the 2nd quarter valued at approximately $394,000. Legal & General Group Plc acquired a new position in New Pacific Metals during the 2nd quarter worth approximately $354,000. Finally, Quantbot Technologies LP acquired a new stake in New Pacific Metals in the second quarter valued at approximately $329,000. Institutional investors and hedge funds own 22.95% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Roth Capital reiterated a "buy" rating and set a $8.75 price target on shares of New Pacific Metals in a report on Thursday, September 17th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $8.75.

New Pacific Metals Trading Down 1.7%

Shares of NEWP opened at $6.28 on Thursday. The stock has a market capitalization of $1.17 billion, a P/E ratio of -314.00 and a beta of 1.02. The firm's fifty day simple moving average is $6.12 and its two-hundred day simple moving average is $5.13. New Pacific Metals Corp. has a 12 month low of $1.98 and a 12 month high of $7.55.

New Pacific Metals Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.

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