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

Key Points

• New Gold Inc. experienced a significant stock price decline, gapping down from a previous closing of $7.19 to an opening of $6.52 on Tuesday, with the last traded price at $6.44.
• Analysts have varying outlooks on the stock, with CIBC raising its price target from $6.50 to $9.50 and other firms maintaining lower targets, contributing to a consensus rating of "Buy" for New Gold.
• Institutional investors have shown increased interest in New Gold, with notable increases in holdings from several firms, resulting in institutions owning approximately 42.82% of the stock.

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $7.19, but opened at $6.52. New Gold shares last traded at $6.44, with a volume of 5,174,184 shares.

Analysts Set New Price Targets

Several research firms recently commented on NGD. CIBC raised their price target on shares of New Gold from $6.50 to $9.50 and gave the stock an "outperformer" rating in a report on Friday, October 10th. Raymond James Financial restated a "market perform" rating and issued a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. Finally, National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, New Gold presently has a consensus rating of "Buy" and an average price target of $5.81.

New Gold Stock Performance

The stock has a market capitalization of $5.02 billion, a P/E ratio of 48.73 and a beta of 0.46. The firm has a 50-day moving average of $6.40 and a 200 day moving average of $5.02. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NGD. SG Americas Securities LLC lifted its holdings in shares of New Gold by 69.2% during the first quarter. SG Americas Securities LLC now owns 113,640 shares of the company's stock valued at $422,000 after acquiring an additional 46,465 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of New Gold by 68.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,471,000 shares of the company's stock valued at $9,137,000 after buying an additional 1,000,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of New Gold by 40.6% in the first quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company's stock valued at $262,000 after buying an additional 20,436 shares during the last quarter. Riggs Asset Managment Co. Inc. bought a new position in shares of New Gold in the first quarter valued at about $1,141,000. Finally, Financial Counselors Inc. bought a new position in shares of New Gold in the first quarter valued at about $289,000. 42.82% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.