New Gold (NYSE:NGD) Hits New 1-Year High - Still a Buy?

Key Points

• New Gold Inc. (NYSE:NGD) achieved a new 12-month high, trading at $6.63 per share, with a closing price of $6.60 and a trading volume of over 2.46 million shares.
• Analysts have provided mixed ratings on New Gold, with a consensus rating of "Buy" and a target price estimate of $4.56, indicating potential for further growth.
• Institutional investors hold a significant portion of New Gold, with 42.82% of the stock owned by hedge funds and entities such as Bank of America Corp DE increasing its holdings by 46.2%.

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $6.63 and last traded at $6.60, with a volume of 2461247 shares changing hands. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

NGD has been the subject of several recent research reports. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th. Finally, CIBC boosted their price objective on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $4.56.

New Gold Stock Up 3.3%

The company has a market cap of $5.26 billion, a P/E ratio of 51.16 and a beta of 0.43. The company has a 50-day simple moving average of $5.30 and a 200 day simple moving average of $4.44. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Trading of New Gold

A number of institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. lifted its position in New Gold by 182.8% during the 2nd quarter. Osaic Holdings Inc. now owns 19,371 shares of the company's stock worth $87,000 after acquiring an additional 12,521 shares during the period. Coppell Advisory Solutions LLC purchased a new position in shares of New Gold during the 2nd quarter valued at about $133,000. State of Wyoming increased its stake in shares of New Gold by 32.1% in the 2nd quarter. State of Wyoming now owns 26,600 shares of the company's stock valued at $132,000 after purchasing an additional 6,465 shares in the last quarter. FORA Capital LLC increased its stake in shares of New Gold by 111.8% in the 2nd quarter. FORA Capital LLC now owns 320,208 shares of the company's stock valued at $1,585,000 after purchasing an additional 169,040 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new stake in New Gold during the 2nd quarter worth approximately $278,000. 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.