New World Development (OTCMKTS:NDVLY) Shares Up 16.4% - What's Next?

Key Points

• New World Development's stock price surged 16.4% during mid-day trading, reaching $0.41, despite a significant drop in trading volume.
• Goldman Sachs upgraded the company's stock from a "strong sell" rating to a "hold" rating, suggesting a shift in market sentiment.
• The company's 50-day and 200-day moving averages stand at $0.35 and $0.33 respectively, indicating potential for further price movements.

Shares of New World Development Co. (OTCMKTS:NDVLY - Get Free Report) shot up 16.4% on Friday . The stock traded as high as $0.41 and last traded at $0.41. 275 shares changed hands during trading, a decline of 98% from the average session volume of 11,927 shares. The stock had previously closed at $0.35.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upgraded shares of New World Development from a "strong sell" rating to a "hold" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, New World Development presently has a consensus rating of "Hold".

New World Development Trading Up 4.4%

The company has a 50 day moving average of $0.36 and a 200-day moving average of $0.34.

About New World Development

New World Development Company Limited, an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company also provides commercial aircraft leasing services; operates expressways; and constructs residential and commercial projects, as well as whole life, term, dread disease, medical, disability, and accident insurance products.