New Gold (NYSE:NGD) Shares Gap Up - Here's Why

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $4.81, but opened at $4.92. New Gold shares last traded at $4.88, with a volume of 1,270,422 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and increased their price objective for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. New Street Research set a $3.90 price objective on shares of New Gold in a research report on Wednesday, March 26th. Finally, Scotiabank reissued an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $4.13.

New Gold Price Performance

The company's fifty day moving average is $3.97 and its 200 day moving average is $3.27. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 37.54 and a beta of 0.44. 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 modified their holdings of NGD. Atria Wealth Solutions Inc. bought a new stake in shares of New Gold during the 4th quarter worth about $87,000. Russell Investments Group Ltd. boosted its holdings in shares of New Gold by 213.8% during the 4th quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company's stock worth $1,273,000 after buying an additional 349,167 shares during the period. Raymond James Financial Inc. bought a new stake in shares of New Gold during the 4th quarter worth about $1,918,000. Renaissance Technologies LLC boosted its holdings in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after buying an additional 2,619,782 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of New Gold by 97.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after buying an additional 2,931,470 shares during the period. Institutional investors own 42.82% of the company's stock.

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.