New Pacific Metals (NYSEAMERICAN:NEWP) Share Price Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• New Pacific Metals shares rose 7.8%, trading at $6.91 after reaching $6.94 and moving above their 200-day average of $5.06.
• Analysts remain bullish: all four covering analysts rate the stock a Buy, with a consensus price target of $8.75; Roth Capital recently reaffirmed its Buy rating.
• Institutional investors own 22.95% of the company, while major investors including Jupiter Asset Management and Equinox Partners increased their stakes. New Pacific is advancing silver and silver-gold projects in Bolivia.

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.06 and traded as high as $6.94. New Pacific Metals shares last traded at $6.91, with a volume of 701,687 shares trading hands.

Analyst Ratings Changes

Separately, Roth Capital reissued a "buy" rating and issued a $8.75 target price on shares of New Pacific Metals in a report on Thursday, September 17th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, New Pacific Metals presently has a consensus rating of "Buy" and a consensus price target of $8.75.

New Pacific Metals Trading Up 7.8%

The company has a market cap of $1.28 billion, a price-to-earnings ratio of -345.50 and a beta of 1.02. The company's 50 day moving average price is $5.84 and its 200 day moving average price is $5.06.

Hedge Funds Weigh In On New Pacific Metals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jupiter Asset Management Ltd. lifted its holdings in shares of New Pacific Metals by 5.8% in the 4th 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 buying an additional 722,700 shares during the period. Equinox Partners Investment Management LLC boosted its stake in shares of New Pacific Metals by 18.5% in the first quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company's stock valued at $27,781,000 after buying an additional 1,044,000 shares in the last quarter. Bank of America Corp DE acquired a new position in New Pacific Metals during the second quarter worth $2,378,000. Renaissance Technologies LLC acquired a new position in New Pacific Metals during the first quarter worth $1,493,000. Finally, Auxano Advisors LLC acquired a new position in New Pacific Metals during the second quarter worth $394,000. Institutional investors and hedge funds own 22.95% of the company's stock.

New Pacific Metals Company Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.

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