New Gold (NYSE:NGD) Shares Gap Down - What's Next?

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $4.18, but opened at $3.98. New Gold shares last traded at $3.83, with a volume of 2,845,979 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NGD. Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. New Street Research set a $3.90 price target on shares of New Gold in a report on Wednesday, March 26th. CIBC lifted their target price on shares of New Gold from $3.40 to $4.75 and gave the stock an "outperformer" rating in a report on Thursday, May 8th. StockNews.com upgraded shares of 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 Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $4.04.

New Gold Trading Down 2.3%

The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 29.00 and a beta of 0.54. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The business's 50 day simple moving average is $3.54 and its 200 day simple moving average is $3.04.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC increased its position in New Gold by 17.8% during the first quarter. Hsbc Holdings PLC now owns 25,176 shares of the company's stock worth $93,000 after acquiring an additional 3,808 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock valued at $3,669,000 after buying an additional 4,500 shares during the period. Oxbow Advisors LLC increased its holdings in New Gold by 1.7% in the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock valued at $687,000 after buying an additional 4,624 shares during the period. Bank of New York Mellon Corp increased its holdings in New Gold by 11.9% in the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock valued at $125,000 after buying an additional 5,331 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in New Gold by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock valued at $2,258,000 after buying an additional 7,367 shares during the period. 42.82% of the stock is owned by institutional investors.

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.