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

Shares of New Gold Inc. (NYSE:NGD) gapped up before the market opened on Wednesday . The stock had previously closed at $3.37, but opened at $3.49. New Gold shares last traded at $3.52, with a volume of 9,829,700 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NGD. National Bank Financial upgraded New Gold to a “strong-buy” rating in a report on Friday, March 21st. CIBC reduced their price objective 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. Scotiabank lifted their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. Finally, Bank of America raised New Gold from an “underperform” rating to a “buy” rating and increased their price target for the company from $2.60 to $3.90 in a research note on Wednesday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $3.66.

New Gold Price Performance

The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 27.04 and a beta of 1.35. The company has a 50 day simple moving average of $2.96 and a 200-day simple moving average of $2.84. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SIH Partners LLLP acquired a new stake in shares of New Gold in the fourth quarter valued at about $27,000. Tudor Investment Corp ET AL acquired a new position in New Gold during the fourth quarter worth $27,000. DGS Capital Management LLC bought a new stake in New Gold during the fourth quarter worth $30,000. Samalin Investment Counsel LLC acquired a new stake in New Gold in the fourth quarter valued at $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of New Gold in the 4th quarter valued at about $39,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.