New Gold (NYSE:NGD) Trading Up 2.1% – Time to Buy?

New Gold Inc. (NYSE:NGD) was up 2.1% on Monday . The company traded as high as $3.67 and last traded at $3.68. Approximately 2,254,468 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 10,696,727 shares. The stock had previously closed at $3.60.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NGD shares. CIBC dropped their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. National Bank Financial upgraded New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Scotiabank upped their target price on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. Finally, Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and lifted their price target for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $3.66.

New Gold Stock Performance

The company has a market capitalization of $2.89 billion, a P/E ratio of 28.08 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $3.04 and its 200-day moving average is $2.87.

Institutional Investors Weigh In On New Gold

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP purchased a new position in New Gold in the fourth quarter worth about $2,830,000. PKO Investment Management Joint Stock Co bought a new stake in shares of New Gold during the fourth quarter valued at approximately $874,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in New Gold by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after acquiring an additional 7,367 shares during the last quarter. Wexford Capital LP bought a new position in New Gold in the 4th quarter valued at approximately $310,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in New Gold during the 4th quarter valued at $43,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.