New Gold (NYSE:NGD) Trading Down 4.7% - What's Next?

New Gold Inc. (NYSE:NGD - Get Free Report) fell 4.7% during trading on Tuesday . The stock traded as low as $4.90 and last traded at $4.81. 1,865,258 shares were traded during mid-day trading, a decline of 88% from the average session volume of 15,038,574 shares. The stock had previously closed at $5.04.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NGD. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. CIBC boosted their price target on New Gold from $3.40 to $4.75 and gave the company an "outperformer" rating in a research note on Thursday, May 8th. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $4.13.

New Gold Trading Up 0.1%

The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 36.20 and a beta of 0.45. The business has a fifty day moving average price of $4.52 and a 200 day moving average price of $3.56. 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 hedge funds have recently added to or reduced their stakes in NGD. Bank of New York Mellon Corp raised its position in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after purchasing an additional 5,331 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of New Gold during the fourth quarter worth about $1,918,000. Amundi raised its position in shares of New Gold by 68.6% during the fourth quarter. Amundi now owns 5,877,726 shares of the company's stock worth $16,105,000 after purchasing an additional 2,391,764 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of New Gold during the fourth quarter worth about $103,000. Finally, Swiss National Bank raised its position in shares of New Gold by 0.6% during the fourth quarter. Swiss National Bank now owns 1,566,862 shares of the company's stock worth $3,911,000 after purchasing an additional 9,500 shares during the period. 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.