Sheets Smith Wealth Management Purchases Shares of 158,163 New Gold Inc. $NGD

Key Points

• Sheets Smith Wealth Management acquired a new stake in New Gold Inc. by purchasing 158,163 shares valued at approximately $783,000 during the 2nd quarter.
• Institutional investors and hedge funds currently own 42.82% of New Gold's stock, indicating significant institutional interest in the company.
• Wall Street analysts have a consensus rating of "Buy" for New Gold, with a price target averaging $4.56, reflecting positive expectations for the stock's performance.

Sheets Smith Wealth Management purchased a new stake in New Gold Inc. (NYSE:NGD - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 158,163 shares of the company's stock, valued at approximately $783,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Perpetual Ltd acquired a new position in New Gold in the second quarter valued at approximately $482,000. Baron Wealth Management LLC lifted its stake in New Gold by 53.6% in the second quarter. Baron Wealth Management LLC now owns 24,315 shares of the company's stock valued at $120,000 after buying an additional 8,486 shares during the period. GK Wealth Management LLC acquired a new position in New Gold in the second quarter valued at approximately $112,000. Impala Asset Management LLC lifted its stake in New Gold by 47.1% in the first quarter. Impala Asset Management LLC now owns 1,000,000 shares of the company's stock valued at $3,710,000 after buying an additional 320,000 shares during the period. Finally, Plato Investment Management Ltd lifted its stake in New Gold by 31.1% in the first quarter. Plato Investment Management Ltd now owns 60,054 shares of the company's stock valued at $224,000 after buying an additional 14,238 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

New Gold Price Performance

Shares of NYSE:NGD opened at $6.83 on Thursday. The stock's 50 day moving average is $5.44 and its 200-day moving average is $4.52. New Gold Inc. has a twelve month low of $2.43 and a twelve month high of $7.09. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 52.54 and a beta of 0.42. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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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