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

New Gold Inc. (NYSE:NGD) was the recipient of unusually large options trading activity on Monday. Investors acquired 11,552 call options on the stock. This is an increase of approximately 167% compared to the typical volume of 4,323 call options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NGD. Allworth Financial LP lifted its position in shares of New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares during the last quarter. DGS Capital Management LLC purchased a new position in shares of New Gold during the 4th quarter worth approximately $30,000. Eastern Bank acquired a new stake in New Gold in the third quarter valued at $33,000. NorthCrest Asset Manangement LLC purchased a new position in New Gold in the third quarter valued at about $58,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in New Gold during the fourth quarter worth $87,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report 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. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $3.41.

New Gold Trading Down 5.1 %

NGD stock traded down $0.16 during mid-day trading on Monday, hitting $2.87. 23,140,888 shares of the company were exchanged, compared to its average volume of 10,769,149. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The business has a fifty day simple moving average of $2.72 and a 200-day simple moving average of $2.67. The firm has a market capitalization of $2.27 billion, a P/E ratio of 143.25 and a beta of 1.36.

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.