New Pacific Metals (NYSEAMERICAN:NEWP) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• New Pacific Metals' shares climbed above its 200-day moving average ($3.47) on Thursday, trading as high as $5.43 and last at $5.40 on volume of 1,011,502 shares.
• Analysts are broadly bullish—four firms rate the stock Buy with a consensus price target of $6.00, and Roth MKM recently raised its target to $6.00 from $4.25.
• Institutional investors have been adding positions (notably Mirae Asset, Goldman Sachs and Alps Advisors), and the company has a market capitalization of $997.65 million with a negative PE (-180.00).

New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.47 and traded as high as $5.43. New Pacific Metals shares last traded at $5.40, with a volume of 1,011,502 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Raymond James Financial restated an "outperform" rating on shares of New Pacific Metals in a research report on Wednesday, January 14th. ATB Cormark Capital Markets started coverage on New Pacific Metals in a research report on Friday, February 20th. They set a "moderate buy" rating for the company. Finally, Roth Mkm reiterated a "buy" rating and set a $6.00 price target (up from $4.25) on shares of New Pacific Metals in a research report on Tuesday, February 24th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $6.00.

New Pacific Metals Trading Up 2.5%

The company has a fifty day simple moving average of $4.33 and a 200-day simple moving average of $3.47. The company has a market capitalization of $997.65 million, a PE ratio of -180.00 and a beta of 0.79.

Hedge Funds Weigh In On New Pacific Metals

Several large investors have recently modified their holdings of NEWP. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of New Pacific Metals by 10.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,381,595 shares of the scientific and technical instruments company's stock valued at $2,615,000 after purchasing an additional 225,931 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of New Pacific Metals by 28.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 270,081 shares of the scientific and technical instruments company's stock valued at $298,000 after purchasing an additional 60,014 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of New Pacific Metals in the 2nd quarter valued at $44,000. Bank of America Corp DE lifted its stake in shares of New Pacific Metals by 33.9% in the 2nd quarter. Bank of America Corp DE now owns 64,041 shares of the scientific and technical instruments company's stock valued at $86,000 after purchasing an additional 16,213 shares during the last quarter. Finally, Alps Advisors Inc. lifted its stake in shares of New Pacific Metals by 115.9% in the 3rd quarter. Alps Advisors Inc. now owns 2,026,168 shares of the scientific and technical instruments company's stock valued at $5,491,000 after purchasing an additional 1,087,750 shares during the last quarter. Institutional investors and hedge funds own 22.95% of the company's stock.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.

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