New Gold (NYSE:NGD) Stock Price Down 3.5% – Time to Sell?

New Gold Inc. (NYSE:NGD)’s share price was down 3.5% on Monday . The company traded as low as $2.70 and last traded at $2.73. Approximately 959,929 shares changed hands during trading, a decline of 88% from the average daily volume of 8,228,364 shares. The stock had previously closed at $2.83.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NGD shares. Scotiabank boosted their price objective on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Royal Bank of Canada upped their target price on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Two investment analysts have 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. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $3.08.

New Gold Stock Performance

The stock’s 50 day simple moving average is $2.86 and its two-hundred day simple moving average is $2.43. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The stock has a market cap of $2.10 billion, a P/E ratio of 141.50 and a beta of 1.31.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, research analysts forecast that New Gold Inc. will post 0.18 EPS for the current year.

Hedge Funds Weigh In On New Gold

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP boosted its stake in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the period. Eastern Bank acquired a new position in New Gold in the third quarter valued at about $33,000. Scientech Research LLC bought a new stake in shares of New Gold during the 2nd quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new position in New Gold during the 1st quarter worth approximately $30,000. Finally, Rathbones Group PLC acquired a new stake in New Gold in the second quarter valued at approximately $36,000. Institutional investors own 42.82% of the company’s stock.

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.