New Gold Inc. (NYSE:NGD - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $3.86 and last traded at $3.81, with a volume of 5577704 shares trading hands. The stock had previously closed at $3.64.
Wall Street Analyst Weigh In
NGD has been the topic of several recent analyst reports. CIBC lowered their price objective on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. New Street Research set a $3.90 price target on New Gold in a research report on Wednesday, March 26th. Raymond James set a $4.00 price objective on New Gold and gave the company a "market perform" rating in a research report on Friday, April 4th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. Finally, Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and upped their price objective for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $3.85.
Get Our Latest Report on NGD
New Gold Stock Performance
The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock's 50-day simple moving average is $3.17 and its 200-day simple moving average is $2.91. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 28.31 and a beta of 0.93.
Institutional Trading of New Gold
Large investors have recently modified their holdings of the stock. Ritholtz Wealth Management acquired a new stake in New Gold during the first quarter worth about $116,000. SG Americas Securities LLC increased its stake in New Gold by 69.2% in the first quarter. SG Americas Securities LLC now owns 113,640 shares of the company's stock valued at $422,000 after acquiring an additional 46,465 shares during the last quarter. Pinnacle Wealth Management Group Inc. raised its position in New Gold by 11.1% during the first quarter. Pinnacle Wealth Management Group Inc. now owns 403,830 shares of the company's stock valued at $1,498,000 after purchasing an additional 40,365 shares in the last quarter. Gunderson Capital Management Inc. bought a new stake in New Gold during the first quarter worth $138,000. Finally, Wellington Management Group LLP acquired a new stake in shares of New Gold in the 4th quarter valued at $2,830,000. 42.82% of the stock is owned by institutional investors and hedge funds.
New Gold Company Profile
(
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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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