New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up - Still a Buy?

Key Points

• New Pacific Metals shares jumped at the open, from a previous close of $4.84 to $5.28, and were last reported at $5.225 on volume of 93,050 shares.
• Analyst sentiment is positive: four analysts rate the stock a Buy, with a consensus price target of $8.75; Roth Capital reiterated its Buy rating and the same target.
• Institutional investors and hedge funds own 22.95% of the company’s shares. New Pacific is focused on exploring and developing silver projects in Bolivia, rather than producing metals.

New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Get Free Report)'s stock price gapped up before the market opened on Wednesday. The stock had previously closed at $4.84, but opened at $5.28. New Pacific Metals shares last traded at $5.2250, with a volume of 93,050 shares.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NEWP. Roth Capital restated a "buy" rating and issued a $8.75 target price on shares of New Pacific Metals in a research report on Thursday, September 17th. BMO Capital Markets reissued an "outperform" rating on shares of New Pacific Metals in a research note on Monday, October 19th. Four analysts have rated the stock with a Buy rating. According to MarketBeat.com, New Pacific Metals has an average rating of "Buy" and a consensus target price of $8.75.

New Pacific Metals Trading Up 11.4%

The company's 50-day moving average price is $6.19 and its two-hundred day moving average price is $5.06. The company has a market cap of $1.00 billion, a P/E ratio of -269.35 and a beta of 1.02.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Pasadena Private Wealth LLC acquired a new stake in shares of New Pacific Metals during the 2nd quarter valued at $40,000. State of Wyoming acquired a new position in shares of New Pacific Metals in the 2nd quarter worth $85,000. Public Employees Retirement System of Ohio acquired a new position in shares of New Pacific Metals in the 2nd quarter worth $100,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of New Pacific Metals during the second quarter worth $159,000. Finally, BlackRock Inc. acquired a new stake in shares of New Pacific Metals during the second quarter worth $275,000. Institutional investors and hedge funds own 22.95% of the company's stock.

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metals projects in Bolivia. The company's portfolio is centered on silver, with potential for associated gold and other metals.

Its flagship asset is the Silver Sand project in the Potosí Department of Bolivia, a large silver exploration and development project. New Pacific also holds the Carangas project in the Oruro Department and the Silverstrike project in Bolivia, expanding the company's regional exploration pipeline.

New Pacific Metals has built its business around exploration, resource evaluation, technical studies and permitting rather than producing or selling refined metals.

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