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

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $4.98 and last traded at $4.94, with a volume of 12444977 shares trading hands. The stock had previously closed at $4.88.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NGD. Raymond James set a $4.00 price target on New Gold and gave the company a "market perform" rating in a research note on Friday, April 4th. Wall Street Zen raised New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. New Street Research set a $3.90 price target on New Gold in a research note on Wednesday, March 26th. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and raised their price objective for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, New Gold has a consensus rating of "Buy" and a consensus target price of $4.13.

New Gold Price Performance

The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 37.77 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 company has a 50 day moving average of $4.01 and a 200 day moving average of $3.29.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at about $87,000. Russell Investments Group Ltd. increased its position 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 valued at $1,273,000 after acquiring an additional 349,167 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at about $1,918,000. Renaissance Technologies LLC increased its position in shares of New Gold by 11.6% in 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 last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of New Gold by 97.3% in 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 last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

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.