Scotia Capital Inc. trimmed its position in New Gold Inc. (NYSE:NGD - Free Report) by 68.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,374 shares of the company's stock after selling 114,486 shares during the quarter. Scotia Capital Inc.'s holdings in New Gold were worth $132,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in NGD. DGS Capital Management LLC acquired a new position in New Gold in the fourth quarter valued at approximately $30,000. Samalin Investment Counsel LLC purchased a new position in shares of New Gold during the 4th quarter worth $32,000. Bank of Nova Scotia purchased a new stake in New Gold in the 4th quarter valued at about $68,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in New Gold in the fourth quarter valued at about $74,000. Finally, Atria Wealth Solutions Inc. purchased a new position in New Gold during the fourth quarter worth about $87,000. Hedge funds and other institutional investors own 42.82% of the company's stock.
Analyst Upgrades and Downgrades
NGD has been the topic of a number of research analyst reports. Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price target for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bankshares restated an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. CIBC dropped their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research note on Thursday, February 27th. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. Finally, Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, New Gold currently has an average rating of "Buy" and an average price target of $3.85.
Check Out Our Latest Report on NGD
New Gold Stock Up 2.9 %
Shares of New Gold stock traded up $0.11 on Monday, reaching $3.75. 4,326,354 shares of the company were exchanged, compared to its average volume of 11,495,559. The stock's 50 day moving average price is $3.17 and its 200-day moving average price is $2.91. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a 1-year low of $1.66 and a 1-year high of $3.86. The company has a market cap of $2.96 billion, a P/E ratio of 28.81 and a beta of 0.93.
New Gold Company Profile
(
Free Report)
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.
Featured Stories
Before you consider New Gold, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and New Gold wasn't on the list.
While New Gold currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
