New Gold (NYSE:NGD) Shares Down 4.8% - Should You Sell?

Key Points

• New Gold's stock price fell by 4.8% to $6.42, with trading volume down 36% from the daily average.
• Several analysts have recently updated their ratings on New Gold, with a mix of "hold," "buy," and "outperform" ratings, resulting in an average target price of $4.56.
• Institutional investors own approximately 42.82% of New Gold's stock, with significant increases in holdings from entities like Osaic Holdings Inc. and State of Wyoming.

New Gold Inc. (NYSE:NGD - Get Free Report)'s stock price fell 4.8% during mid-day trading on Tuesday . The stock traded as low as $6.41 and last traded at $6.42. 12,273,746 shares changed hands during trading, a decline of 36% from the average session volume of 19,137,174 shares. The stock had previously closed at $6.74.

Analyst Ratings Changes

Several research firms have issued reports on NGD. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 price target for the company in a report on Monday, June 30th. Finally, CIBC boosted their price target on New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, New Gold presently has an average rating of "Buy" and an average target price of $4.56.

New Gold Price Performance

The firm has a fifty day simple moving average of $5.30 and a 200 day simple moving average of $4.45. The company has a market capitalization of $5.26 billion, a PE ratio of 51.16 and a beta of 0.43. 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 made changes to their positions in the company. Employees Retirement System of Texas bought a new stake in New Gold during the 2nd quarter valued at $32,000. Cary Street Partners Financial LLC bought a new stake in New Gold during the 1st quarter valued at $37,000. SBI Securities Co. Ltd. boosted its position in New Gold by 1,837.7% during the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company's stock valued at $44,000 after acquiring an additional 8,472 shares in the last quarter. Nwam LLC bought a new stake in New Gold during the 1st quarter valued at $45,000. Finally, Private Advisor Group LLC bought a new stake in New Gold during the 1st quarter valued at $50,000. 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.