Shares of New Gold Inc. (NYSE:NGD - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $3.64, but opened at $3.80. New Gold shares last traded at $3.76, with a volume of 2,319,007 shares trading hands.
Wall Street Analysts Forecast Growth
NGD has been the subject of a number of analyst reports. Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Raymond James set a $4.00 target price on New Gold and gave the company a "market perform" rating in a research note on Friday, April 4th. National Bank Financial upgraded New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Finally, CIBC lowered their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $3.85.
Read Our Latest Analysis on New Gold
New Gold Stock Performance
The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 26.08 and a beta of 0.93. The firm's 50 day simple moving average is $3.22 and its 200-day simple moving average is $2.93. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.
Hedge Funds Weigh In On New Gold
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SIH Partners LLLP acquired a new position in New Gold during the fourth quarter worth $27,000. Tudor Investment Corp ET AL acquired a new position in shares of New Gold during the 4th quarter valued at about $27,000. DGS Capital Management LLC acquired a new position in shares of New Gold during the 4th quarter valued at about $30,000. Samalin Investment Counsel LLC bought a new position in shares of New Gold in the 4th quarter valued at approximately $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in New Gold in the 4th quarter worth approximately $39,000. Institutional investors own 42.82% of the company's stock.
New Gold Company Profile
(
Get Free Report)
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.
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