Ritholtz Wealth Management Acquires 106,397 Shares of New Gold Inc. $NGD

Key Points

• Ritholtz Wealth Management significantly increased its stake in New Gold Inc. by 340.3%, acquiring an additional 106,397 shares to reach a total of 137,665 shares, valued at $681,000.
• Multiple large investors, including Pale Fire Capital and Goldman Sachs, have also expanded their holdings in New Gold, contributing to 42.82% of the stock being owned by institutional investors.
• New Gold's stock has recently shown volatility, with a current market price of $6.96, down 7.1%, despite a consensus rating of "Buy" and an average price target of $5.81 among analysts.

Ritholtz Wealth Management increased its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 340.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,665 shares of the company's stock after purchasing an additional 106,397 shares during the period. Ritholtz Wealth Management's holdings in New Gold were worth $681,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of NGD. Pale Fire Capital SE bought a new stake in New Gold in the first quarter worth $23,920,000. JGP Global Gestao de Recursos Ltda. boosted its holdings 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 purchasing an additional 4,187,997 shares in the last quarter. American Century Companies Inc. boosted its holdings in New Gold by 23.7% during 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 period. Goldman Sachs Group Inc. boosted its holdings in New Gold by 74.9% during the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company's stock valued at $23,923,000 after acquiring an additional 2,760,692 shares during the period. Finally, Amundi boosted its holdings in New Gold by 42.2% during the first quarter. Amundi now owns 8,356,029 shares of the company's stock valued at $29,580,000 after acquiring an additional 2,478,303 shares during the period. 42.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NGD shares. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. CIBC upped their price target on shares of New Gold from $6.50 to $9.50 and gave the company an "outperformer" rating in a report on Friday, October 10th. Finally, Raymond James Financial restated a "market perform" rating and set a $7.00 price target on shares of New Gold in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, New Gold currently has a consensus rating of "Buy" and an average target price of $5.81.

New Gold Stock Down 7.1%

Shares of NGD opened at $6.96 on Friday. The company has a 50-day simple moving average of $6.36 and a 200-day simple moving average of $4.98. The firm has a market capitalization of $5.51 billion, a P/E ratio of 53.54 and a beta of 0.46. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold Inc. has a 52 week low of $2.43 and a 52 week high of $7.59.

New Gold Company Profile

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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