New Pacific Metals (NYSEAMERICAN:NEWP) Stock Passes Above 200-Day Moving Average - What's Next?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.44 and traded as high as $4.57. New Pacific Metals shares last traded at $4.37, with a volume of 426,127 shares traded.

Wall Street Analysts Forecast Growth

Separately, Roth Capital restated a "buy" rating and set a $7.25 price objective on shares of New Pacific Metals in a research note on Monday, May 18th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $7.25.

New Pacific Metals Price Performance

The firm's fifty day moving average is $4.36 and its two-hundred day moving average is $4.44. The firm has a market capitalization of $809.37 million, a PE ratio of -218.50 and a beta of 0.95.

Hedge Funds Weigh In On New Pacific Metals

A number of hedge funds and other institutional investors have recently modified their holdings of NEWP. Jupiter Asset Management Ltd. increased its position in shares of New Pacific Metals by 5.8% during the fourth quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company's stock valued at $46,141,000 after acquiring an additional 722,700 shares during the last quarter. Equinox Partners Investment Management LLC lifted its holdings in New Pacific Metals by 18.5% during the first quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company's stock worth $27,781,000 after acquiring an additional 1,044,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in New Pacific Metals by 42.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,992,253 shares of the scientific and technical instruments company's stock worth $10,788,000 after purchasing an additional 1,180,666 shares during the last quarter. Alps Advisors Inc. boosted its position in New Pacific Metals by 42.1% in the fourth quarter. Alps Advisors Inc. now owns 2,878,543 shares of the scientific and technical instruments company's stock worth $10,104,000 after purchasing an additional 852,375 shares during the last quarter. Finally, Helikon Investments Ltd purchased a new position in New Pacific Metals in the fourth quarter worth $8,050,000. Hedge funds and other institutional investors own 22.95% of the company's stock.

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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