New Gold (NYSE:NGD) Stock Price Down 2.2% – Time to Sell?

New Gold Inc. (NYSE:NGD)’s stock price was down 2.2% during trading on Wednesday . The company traded as low as $2.69 and last traded at $2.71. Approximately 1,364,233 shares were traded during trading, a decline of 83% from the average daily volume of 7,830,903 shares. The stock had previously closed at $2.77.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NGD. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, New Gold presently has an average rating of “Buy” and a consensus price target of $3.41.

New Gold Stock Performance

The stock has a market capitalization of $2.16 billion, a PE ratio of 136.50 and a beta of 1.34. 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 stock has a fifty day moving average of $2.68 and a 200-day moving average of $2.61.

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

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its holdings 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 valued at $7,755,000 after buying an additional 2,664,153 shares during the last quarter. XTX Topco Ltd boosted its position in shares of New Gold by 294.7% during the 3rd quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock worth $1,408,000 after acquiring an additional 365,079 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after acquiring an additional 200,799 shares in the last quarter. Finally, Old West Investment Management LLC lifted its stake in New Gold by 42.9% during the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock worth $2,880,000 after purchasing an additional 300,000 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.