Pale Fire Capital SE Makes New $23.92 Million Investment in New Gold Inc. $NGD

Key Points

• Pale Fire Capital SE has acquired 6,447,352 shares of New Gold Inc. (NYSE: NGD), worth approximately $23.9 million, making it the firm's 7th largest investment.
• Other institutional investors have also increased their holdings in New Gold, with JGP Global Gestao de Recursos Ltda. raising its position by 64.4% during the 1st quarter.
• Analysts have rated New Gold positively, with several brokerages upgrading it to a "buy" or "outperform" rating and setting a consensus target price of $4.38.

Pale Fire Capital SE purchased a new stake in shares of New Gold Inc. (NYSE:NGD - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,447,352 shares of the company's stock, valued at approximately $23,920,000. New Gold comprises approximately 2.8% of Pale Fire Capital SE's holdings, making the stock its 7th largest position. Pale Fire Capital SE owned approximately 0.81% of New Gold as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Financial Sense Advisors Inc. purchased a new stake in shares of New Gold during the 1st quarter worth approximately $652,000. Foundry Partners LLC bought a new stake in New Gold in the first quarter worth $3,960,000. Dimensional Fund Advisors LP raised its stake in New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after purchasing an additional 2,931,470 shares in the last quarter. Captrust Financial Advisors lifted its position in New Gold by 24.6% during the fourth quarter. Captrust Financial Advisors now owns 55,700 shares of the company's stock valued at $138,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new position in shares of New Gold in the 1st quarter worth $116,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Analyst Upgrades and Downgrades

NGD has been the topic of a number of research reports. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. CIBC boosted their price objective on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research note on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. Finally, Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 target price on the stock in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $4.38.

New Gold Trading Down 0.2%

New Gold stock traded down $0.01 during trading hours on Thursday, hitting $5.68. The company had a trading volume of 8,953,877 shares, compared to its average volume of 19,414,268. 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 $4.50 billion, a P/E ratio of 43.70 and a beta of 0.38. The company has a 50-day moving average price of $4.81 and a two-hundred day moving average price of $4.04. New Gold Inc. has a 1 year low of $2.31 and a 1 year high of $5.75.

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.