New Gold (NYSE:NGD) Shares Down 4.4% – Here’s What Happened

New Gold Inc. (NYSE:NGD) shares were down 4.4% during trading on Friday . The stock traded as low as $2.96 and last traded at $2.90. Approximately 1,304,390 shares traded hands during trading, a decline of 89% from the average daily volume of 11,927,002 shares. The stock had previously closed at $3.03.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NGD. Scotiabank increased their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $3.60.

New Gold Price Performance

The stock has a market capitalization of $2.30 billion, a P/E ratio of 145.50 and a beta of 1.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The business has a fifty day simple moving average of $2.77 and a 200-day simple moving average of $2.73.

Hedge Funds Weigh In On New Gold

Several institutional investors have recently made changes to their positions in NGD. Kohmann Bosshard Financial Services LLC increased its stake in New Gold by 34.6% during the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after purchasing an additional 9,000 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after acquiring an additional 1,279,500 shares in the last quarter. Eastern Bank bought a new stake in shares of New Gold during the third quarter worth about $33,000. DORCHESTER WEALTH MANAGEMENT Co bought a new position in New Gold in the 3rd quarter valued at about $592,000. Finally, Allworth Financial LP boosted its stake in New Gold by 941.8% during 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 during the last quarter. Institutional investors and hedge funds 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.