New Gold Sees Unusually High Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading activity on Wednesday. Traders purchased 11,513 call options on the stock. This represents an increase of 156% compared to the average volume of 4,491 call options.

Wall Street Analyst Weigh In

Separately, Scotiabank upped their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, New Gold has an average rating of “Buy” and an average target price of $3.60.

Hedge Funds Weigh In On New Gold

A number of hedge funds and other institutional investors have recently modified their holdings of NGD. SIH Partners LLLP bought a new stake in New Gold during the 4th quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new stake in New Gold in the 4th quarter valued at about $27,000. Allworth Financial LP raised its holdings in shares of New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares in the last quarter. DGS Capital Management LLC purchased a new position in New Gold during the 4th quarter worth $30,000. Finally, Samalin Investment Counsel LLC purchased a new position in shares of New Gold in the fourth quarter worth $32,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Performance

Shares of New Gold stock traded up $0.08 during mid-day trading on Wednesday, hitting $2.80. 6,236,520 shares of the stock were exchanged, compared to its average volume of 12,640,867. The company has a 50-day simple moving average of $2.77 and a 200 day simple moving average of $2.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company has a market capitalization of $2.21 billion, a P/E ratio of 21.50 and a beta of 1.36. New Gold has a 12 month low of $1.11 and a 12 month high of $3.25.

New Gold Company Profile

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.