Garden State Investment Advisory Services LLC Acquires New Holdings in New Gold Inc. (NYSE:NGD)

Garden State Investment Advisory Services LLC purchased a new position in shares of New Gold Inc. (NYSE:NGD - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 235,612 shares of the company's stock, valued at approximately $584,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. DGS Capital Management LLC bought a new stake in shares of New Gold in the fourth quarter valued at about $30,000. Samalin Investment Counsel LLC bought a new position in shares of New Gold during the fourth quarter worth about $32,000. Bank of Nova Scotia bought a new position in shares of New Gold in the 4th quarter valued at about $68,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in New Gold during the 4th quarter valued at $74,000. Finally, Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at approximately $87,000. 42.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Raymond James set a $4.00 target price on shares of New Gold and gave the company a "market perform" rating in a report on Friday, April 4th. CIBC decreased their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and increased their price objective for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. New Street Research set a $3.90 price target on New Gold in a research note on Wednesday, March 26th. Finally, National Bank Financial upgraded New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $3.85.

New Gold Price Performance

NYSE:NGD remained flat at $3.64 during midday trading on Monday. The company had a trading volume of 15,181,861 shares, compared to its average volume of 11,543,009. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 28.00 and a beta of 0.93. The firm has a fifty day moving average of $3.17 and a two-hundred day moving average of $2.91. New Gold Inc. has a twelve month low of $1.66 and a twelve month high of $3.86.

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.