New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Up 6.6% - What's Next?

Key Points

• New Pacific Metals shares rose 6.6% to approximately $6.35 in mid-day trading, though volume was 87% below the average session volume.
• Analysts remain bullish, with all four covering the stock assigning a Buy rating and a consensus price target of $7.25, implying further upside.
• Institutional investors increased their positions, and funds now own 22.95% of the company; New Pacific Metals focuses on exploring silver, gold, lead and zinc properties in Bolivia and Canada.

New Pacific Metals Corp. (NYSEAMERICAN:NEWP - Get Free Report)'s share price traded up 6.6% during mid-day trading on Wednesday . The stock traded as high as $6.29 and last traded at $6.3450. Approximately 121,431 shares changed hands during trading, a decline of 87% from the average session volume of 937,008 shares. The stock had previously closed at $5.95.

Wall Street Analysts Forecast Growth

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

New Pacific Metals Stock Up 4.5%

The company has a fifty day simple moving average of $5.45 and a two-hundred day simple moving average of $4.98. The stock has a market capitalization of $1.15 billion, a P/E ratio of -310.85 and a beta of 1.02.

Hedge Funds Weigh In On New Pacific Metals

Several institutional investors and hedge funds have recently modified their holdings of NEWP. Jupiter Asset Management Ltd. raised its holdings in New Pacific Metals by 5.8% during the 4th quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company's stock worth $46,141,000 after buying an additional 722,700 shares during the period. Equinox Partners Investment Management LLC raised its holdings in shares of 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. raised its holdings in shares of New Pacific Metals by 42.0% during 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 acquiring an additional 1,180,666 shares during the period. Alps Advisors Inc. lifted its position in New Pacific Metals by 42.1% in the 4th quarter. Alps Advisors Inc. now owns 2,878,543 shares of the scientific and technical instruments company's stock valued at $10,104,000 after acquiring an additional 852,375 shares in the last quarter. Finally, Helikon Investments Ltd acquired a new position in New Pacific Metals in the 4th quarter worth $8,050,000. 22.95% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.