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

Key Points

• New Gold Inc. shares gapped down prior to trading, opening at $4.25 after closing at $4.41, and are currently trading at $4.13 with significant volume.
• Analysts have mixed ratings for New Gold, with one hold, five buy, and one strong buy rating, leading to an average target price of $4.38.
• Institutional investors now own 42.82% of New Gold's stock, indicating a significant level of interest from large financial entities.

New Gold Inc. (NYSE:NGD - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $4.41, but opened at $4.25. New Gold shares last traded at $4.13, with a volume of 8,111,629 shares trading hands.

Analysts Set New Price Targets

NGD has been the topic of a number of research reports. 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 note on Monday, June 30th. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. CIBC boosted their target price on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a research note on Tuesday, July 15th. Finally, National Bankshares reissued an "outperform" rating on shares of New Gold in a research note 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $4.38.

New Gold Stock Up 1.7%

The firm's 50 day moving average is $4.65 and its two-hundred day moving average is $3.75. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 32.77 and a beta of 0.45. 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 Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Winmill & CO. Inc. boosted its position in shares of New Gold by 5.4% in the second quarter. Winmill & CO. Inc. now owns 2,100,000 shares of the company's stock worth $10,395,000 after acquiring an additional 107,000 shares during the last quarter. Pinnacle Wealth Management Group Inc. boosted its position in shares of New Gold by 7.2% in the second quarter. Pinnacle Wealth Management Group Inc. now owns 432,818 shares of the company's stock worth $2,142,000 after acquiring an additional 28,988 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of New Gold by 16,046.6% in the second quarter. Caitong International Asset Management Co. Ltd now owns 11,787 shares of the company's stock worth $58,000 after acquiring an additional 11,714 shares during the last quarter. Cardinal Point Capital Management ULC acquired a new stake in shares of New Gold in the second quarter worth approximately $1,020,000. Finally, Oxbow Advisors LLC boosted its position in shares of New Gold by 403.6% in the second quarter. Oxbow Advisors LLC now owns 1,422,056 shares of the company's stock worth $7,039,000 after acquiring an additional 1,139,656 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other 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.