New World Development (OTCMKTS:NDVLY) Trading 8.2% Higher - Here's What Happened

Key Points

• New World Development stock surged by 8.2% on Wednesday, reaching a last traded price of $0.49, despite a significant drop in trading volume.
• Goldman Sachs upgraded the stock rating from "strong sell" to "hold", reflecting a more optimistic outlook, although the consensus rating remains a hold.
• The company is involved in property development and investment in Hong Kong and Mainland China, with a diverse portfolio including residential, retail, and commercial properties.

New World Development Co. (OTCMKTS:NDVLY - Get Free Report)'s stock price was up 8.2% on Wednesday . The company traded as high as $0.49 and last traded at $0.49. Approximately 1,774 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 12,798 shares. The stock had previously closed at $0.46.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group raised New World Development from a "strong sell" rating to a "hold" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold".

New World Development Trading Down 5.6%

The stock's 50-day moving average price is $0.39 and its 200 day moving average price is $0.35.

New World Development Company Profile

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.