Renaissance Technologies LLC Takes $1.49 Million Position in New Pacific Metals Corp. $NEWP

Key Points

• Renaissance Technologies initiated a position in New Pacific Metals worth approximately $1.49 million, acquiring 360,608 shares and representing 0.20% ownership.
• Several institutional investors increased their holdings, including Equinox Partners and Millennium Management; institutions collectively own 22.95% of the company.
• New Pacific Metals shares opened at $6.61, near their 52-week high of $6.72. Analysts maintain a “Buy” consensus with an average price target of $7.25.

Renaissance Technologies LLC bought a new position in New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 360,608 shares of the scientific and technical instruments company's stock, valued at approximately $1,493,000. Renaissance Technologies LLC owned 0.20% of New Pacific Metals at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Equinox Partners Investment Management LLC lifted its position in New Pacific Metals by 18.5% during the 1st quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company's stock valued at $27,781,000 after acquiring an additional 1,044,000 shares during the period. Virtu Financial LLC grew its holdings in New Pacific Metals by 224.0% in the fourth quarter. Virtu Financial LLC now owns 59,640 shares of the scientific and technical instruments company's stock worth $209,000 after purchasing an additional 41,235 shares during the period. XTX Topco Ltd purchased a new stake in New Pacific Metals in the fourth quarter worth about $312,000. Quadrature Capital Ltd bought a new position in shares of New Pacific Metals during the fourth quarter valued at approximately $259,000. Finally, Millennium Management LLC lifted its holdings in shares of New Pacific Metals by 107.4% during the fourth quarter. Millennium Management LLC now owns 725,335 shares of the scientific and technical instruments company's stock valued at $2,544,000 after purchasing an additional 375,631 shares during the last quarter. 22.95% of the stock is currently owned by institutional investors.

New Pacific Metals Price Performance

Shares of NYSEAMERICAN:NEWP opened at $6.61 on Thursday. The business has a fifty day moving average price of $4.52 and a 200-day moving average price of $4.58. The company has a market capitalization of $1.22 billion, a PE ratio of -330.50 and a beta of 0.95. New Pacific Metals Corp. has a 1-year low of $1.55 and a 1-year high of $6.72.

Analyst Ratings Changes

Separately, Roth Capital reissued a "buy" rating and issued a $7.25 price target on shares of New Pacific Metals in a research report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $7.25.

New Pacific Metals Profile

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.

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