New Gold (NYSE:NGD) Sees Strong Trading Volume – What’s Next?

Shares of New Gold Inc. (NYSE:NGD) saw an uptick in trading volume on Monday . 15,946,419 shares traded hands during trading, an increase of 53% from the previous session’s volume of 10,416,832 shares.The stock last traded at $2.90 and had previously closed at $3.02.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Trading Up 2.6 %

The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average of $2.73 and a 200-day moving average of $2.68. The firm has a market capitalization of $2.46 billion, a P/E ratio of 155.50 and a beta of 1.36.

Hedge Funds Weigh In On New Gold

A number of large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its position in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after buying an additional 4,500 shares during the last quarter. Oxbow Advisors LLC raised its holdings in shares of New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after purchasing an additional 4,624 shares during the last quarter. Morton Capital Management LLC CA lifted its position in shares of New Gold by 18.9% in the third quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock worth $91,000 after purchasing an additional 5,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after purchasing an additional 5,331 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after purchasing an additional 6,700 shares during the last quarter. Institutional investors 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.