New Gold (NYSE:NGD) Shares Gap Up – What’s Next?

New Gold Inc. (NYSE:NGD) gapped up before the market opened on Tuesday . The stock had previously closed at $2.67, but opened at $2.73. New Gold shares last traded at $2.63, with a volume of 2,125,465 shares.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Scotiabank upped their price target on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. CIBC decreased their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Trading Up 0.5 %

The stock’s 50 day simple moving average is $2.79 and its 200 day simple moving average is $2.78. 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 firm has a market cap of $2.12 billion, a PE ratio of 20.58 and a beta of 1.36.

Institutional Trading of New Gold

Several hedge funds and other institutional investors have recently bought and sold shares of NGD. Hillsdale Investment Management Inc. boosted its position in New Gold by 97.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after buying an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock valued at $14,742,000 after acquiring an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. raised its holdings in shares of New Gold by 203.8% during the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after acquiring an additional 2,782,296 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in New Gold by 9,360.7% in the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. Hedge funds and other 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.