New Pacific Metals (NYSEAMERICAN:NEWP) Shares Up 3.8% - Here's Why

Key Points

• New Pacific Metals shares rose 3.8% intraday Thursday, trading as high as $4.68 and last at $4.61 on volume of 601,590 shares (down 34% from the average session).
• Analysts are broadly positive: Roth MKM reaffirmed a "Buy" and raised its target to $6, and the consensus rating from four analysts is "Buy" with an average price target of $6.
• The company is a silver, gold, lead and zinc explorer in Bolivia and Canada with a market cap of about $850 million and a negative P/E (-153.67), reflecting its development-stage status rather than current profitability.

New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Get Free Report)'s stock price shot up 3.8% during mid-day trading on Thursday . The company traded as high as $4.68 and last traded at $4.61. 601,590 shares were traded during trading, a decline of 34% from the average session volume of 915,287 shares. The stock had previously closed at $4.44.

Analyst Upgrades and Downgrades

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

New Pacific Metals Stock Up 3.8%

The firm has a market capitalization of $850.18 million, a price-to-earnings ratio of -153.67 and a beta of 0.79. The stock has a 50-day moving average price of $4.17 and a 200 day moving average price of $3.39.

Hedge Funds Weigh In On New Pacific Metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC purchased a new stake in New Pacific Metals in the fourth quarter valued at approximately $27,000. Dimensional Fund Advisors LP purchased a new stake in New Pacific Metals in the third quarter valued at approximately $32,000. Jane Street Group LLC purchased a new stake in New Pacific Metals in the second quarter valued at approximately $44,000. Virtu Financial LLC purchased a new stake in New Pacific Metals in the third quarter valued at approximately $50,000. Finally, J.W. Cole Advisors Inc. purchased a new stake in New Pacific Metals in the fourth quarter valued at approximately $53,000. 22.95% of the stock is owned by institutional investors and hedge funds.

New Pacific Metals Company Profile

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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