Raymond James Financial Upgrades New Gold (NYSE:NGD) to Hold

New Gold (NYSE:NGD - Get Free Report) was upgraded by investment analysts at Raymond James Financial to a "hold" rating in a research report issued on Monday, MarketBeat reports. The brokerage currently has a $4.00 price objective on the stock. Raymond James Financial's price objective points to a potential downside of 20.08% from the stock's current price.

A number of other brokerages have also recently issued reports on NGD. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. New Street Research set a $3.90 target price on shares of New Gold in a report on Wednesday, March 26th. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and increased their price target for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Finally, Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, New Gold currently has a consensus rating of "Buy" and an average price target of $4.13.

New Gold Price Performance

NYSE:NGD traded up $0.06 during trading hours on Monday, reaching $5.01. 9,123,686 shares of the company were exchanged, compared to its average volume of 21,199,291. The company has a market capitalization of $3.96 billion, a P/E ratio of 38.50 and a beta of 0.44. New Gold has a 1-year low of $1.91 and a 1-year high of $5.16. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business has a 50 day moving average of $4.31 and a 200 day moving average of $3.45.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NGD. SIH Partners LLLP acquired a new position in shares of New Gold during the fourth quarter valued at about $27,000. Tudor Investment Corp ET AL bought a new position in New Gold in the 4th quarter valued at about $27,000. Samalin Investment Counsel LLC acquired a new position in New Gold during the 4th quarter valued at about $32,000. Cary Street Partners Financial LLC bought a new stake in New Gold during the 1st quarter worth approximately $37,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in New Gold during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 42.82% of the company's stock.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.