Precision Wealth Strategies LLC Makes New Investment in New Gold Inc. $NGD

Key Points

• Precision Wealth Strategies LLC has acquired 199,781 shares of New Gold Inc. valued at approximately $989,000, marking a new investment in the company.
• Several institutional investors, including Invenomic Capital Management and Impala Asset Management, have increased their holdings in New Gold during the first quarter, reflecting growing interest within the market.
• Analysts have set varying price targets for New Gold, with CIBC raising their target from $5.50 to $6.25 and maintaining an "outperformer" rating for the stock.

Precision Wealth Strategies LLC purchased a new position in New Gold Inc. (NYSE:NGD - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 199,781 shares of the company's stock, valued at approximately $989,000.

Other institutional investors have also recently made changes to their positions in the company. Invenomic Capital Management LP raised its holdings in shares of New Gold by 1.6% during the first quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company's stock worth $12,658,000 after purchasing an additional 52,360 shares during the last quarter. Financial Sense Advisors Inc. purchased a new position in shares of New Gold during the first quarter worth $652,000. Foundry Partners LLC purchased a new position in shares of New Gold during the first quarter worth $3,960,000. Impala Asset Management LLC raised its holdings in shares of New Gold by 47.1% during the first quarter. Impala Asset Management LLC now owns 1,000,000 shares of the company's stock worth $3,710,000 after purchasing an additional 320,000 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new position in shares of New Gold during the first quarter worth $116,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. CIBC raised their target price on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. Finally, Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 price objective for the company in a report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $4.56.

New Gold Stock Up 1.4%

NGD opened at $7.28 on Thursday. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $7.36. 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 company has a fifty day moving average of $5.70 and a two-hundred day moving average of $4.66. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 56.00 and a beta of 0.43.

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.

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