New Gold (NYSE:NGD) Sets New 12-Month High - Here's Why

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%.

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price reached a new 52-week high on Monday . The company traded as high as $6.63 and last traded at $6.60, with a volume of 2461247 shares traded. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 price objective on the stock in a research report on Monday, June 30th. CIBC increased their price objective on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th. Finally, National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $4.56.

New Gold Trading Up 3.4%

The firm has a market capitalization of $5.34 billion, a PE ratio of 51.85 and a beta of 0.43. The stock's 50-day moving average price is $5.13 and its 200 day moving average price is $4.33. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Hedge Funds Weigh In On New Gold

Several institutional investors have recently bought and sold shares of NGD. Jane Street Group LLC increased its holdings in New Gold by 6.4% during the fourth quarter. Jane Street Group LLC now owns 723,191 shares of the company's stock valued at $1,794,000 after buying an additional 43,449 shares during the period. Bank of America Corp DE increased its holdings in New Gold by 46.2% during the fourth quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock valued at $19,655,000 after buying an additional 2,504,157 shares during the period. Captrust Financial Advisors increased its holdings in New Gold by 24.6% during the fourth quarter. Captrust Financial Advisors now owns 55,700 shares of the company's stock valued at $138,000 after buying an additional 11,000 shares during the period. Graham Capital Management L.P. purchased a new position in New Gold during the fourth quarter valued at approximately $159,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in New Gold by 7.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,815,649 shares of the company's stock valued at $4,503,000 after buying an additional 127,000 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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