New Gold (NYSE:NGD) Shares Gap Up - Time to Buy?

New Gold Inc. (NYSE:NGD - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $3.84, but opened at $3.98. New Gold shares last traded at $3.86, with a volume of 3,393,946 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NGD. Raymond James set a $4.00 price target on shares of New Gold and gave the company a "market perform" rating in a report on Friday, April 4th. Scotiabank reiterated an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and raised their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Finally, StockNews.com upgraded New Gold from a "hold" rating to a "buy" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, New Gold has an average rating of "Buy" and a consensus price target of $4.04.

New Gold Stock Performance

The company has a fifty day moving average of $3.44 and a two-hundred day moving average of $3.00. The stock has a market capitalization of $3.31 billion, a P/E ratio of 32.16 and a beta of 0.54. 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 modified their holdings of NGD. Allspring Global Investments Holdings LLC grew 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 worth $3,669,000 after buying an additional 4,500 shares in the last quarter. Oxbow Advisors LLC boosted its position in New Gold by 1.7% during the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after acquiring an additional 4,624 shares during the period. Bank of New York Mellon Corp grew its stake in shares of New Gold by 11.9% in 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of New Gold by 0.8% during the fourth 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 purchasing an additional 7,367 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company's stock valued at $1,084,000 after purchasing an additional 7,394 shares in the last quarter. Institutional investors own 42.82% of the company's stock.

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.