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

New Gold Inc. (NYSE:NGD - Get Free Report)'s share price gapped up prior to trading 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NGD. National Bank Financial raised New Gold to a "strong-buy" rating in a research report on Friday, March 21st. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. Wall Street Zen raised New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, Scotiabank reissued an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $4.13.

New Gold Trading Up 0.6%

The company has a fifty day simple moving average of $4.01 and a two-hundred day simple moving average of $3.29. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The company has a market capitalization of $3.89 billion, a P/E ratio of 37.77 and a beta of 0.44.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently made changes to their positions in NGD. Allspring Global Investments Holdings LLC increased its stake in shares of New Gold by 0.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after purchasing an additional 4,500 shares during the period. CIBC Asset Management Inc grew its position in New Gold by 3.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,183,620 shares of the company's stock worth $5,441,000 after buying an additional 78,074 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in New Gold during the fourth quarter worth about $87,000. Oxbow Advisors LLC grew its position in New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after buying an additional 4,624 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after buying an additional 5,331 shares in the last quarter. 42.82% of the stock is currently owned by 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.