New Gold (NYSE:NGD) Reaches New 1-Year High - Here's What Happened

New Gold Inc. (NYSE:NGD - Get Free Report) shares reached a new 52-week high on Tuesday . The stock traded as high as $5.16 and last traded at $5.06, with a volume of 2339758 shares traded. The stock had previously closed at $4.95.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and lifted their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. CIBC raised their price target on New Gold from $3.40 to $4.75 and gave the stock an "outperformer" rating in a report on Thursday, May 8th. Scotiabank restated an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, New Street Research set a $3.90 price target on shares of New Gold in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $4.13.

New Gold Price Performance

The company has a market cap of $3.95 billion, a price-to-earnings ratio of 38.43 and a beta of 0.44. 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 business has a 50-day moving average price of $4.31 and a 200 day moving average price of $3.45.

Institutional Investors Weigh In On New Gold

Hedge funds have recently modified their holdings of the stock. Atria Wealth Solutions Inc. purchased a new position in New Gold in the 4th quarter worth about $87,000. Russell Investments Group Ltd. boosted its holdings in shares of New Gold by 213.8% in the fourth quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company's stock worth $1,273,000 after buying an additional 349,167 shares during the period. Raymond James Financial Inc. purchased a new position in shares of New Gold in the fourth quarter worth approximately $1,918,000. Renaissance Technologies LLC raised its holdings in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after acquiring an additional 2,619,782 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after acquiring an additional 2,931,470 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

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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