New Gold (TSE:NGD) Trading 19.3% Higher - Here's Why

Shares of New Gold Inc. (TSE:NGD - Get Free Report) ARCA: NGD traded up 19.3% on Thursday . The stock traded as high as C$5.49 and last traded at C$5.49. 5,448,480 shares traded hands during trading, an increase of 191% from the average session volume of 1,871,202 shares. The stock had previously closed at C$4.60.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NGD. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and raised their price objective for the stock from C$3.65 to C$5.45 in a research report on Wednesday, March 26th. National Bank Financial raised shares of New Gold to a "strong-buy" rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of C$4.34.

New Gold Trading Down 3.8 %

The company has a 50 day moving average of C$4.75 and a 200-day moving average of C$4.23. The stock has a market cap of C$3.06 billion, a price-to-earnings ratio of 152.43, a price-to-earnings-growth ratio of -3.02 and a beta of 1.59. The company has a debt-to-equity ratio of 45.12, a quick ratio of 1.64 and a current ratio of 1.42.

Insider Activity

In related news, Senior Officer Keith Murphy sold 41,863 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total transaction of C$179,592.27. Also, Senior Officer Sean William Keating sold 49,048 shares of the firm's stock in a transaction on Monday, May 5th. The shares were sold at an average price of C$5.40, for a total value of C$264,859.20. Insiders own 4.92% of the company's stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.