New Gold (TSE:NGD) Reaches New 1-Year High – Here’s What Happened

New Gold Inc. (TSE:NGD) (ARCA:NGD)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as C$5.07 and last traded at C$5.03, with a volume of 300845 shares. The stock had previously closed at C$4.81.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and increased their price objective for the company from C$3.65 to C$5.45 in a research report on Wednesday. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$4.34.

New Gold Stock Up 4.7 %

The stock has a 50 day moving average of C$4.29 and a 200 day moving average of C$4.00. The firm has a market capitalization of C$2.84 billion, a price-to-earnings ratio of 141.48, a P/E/G ratio of -3.02 and a beta of 1.59. The company has a quick ratio of 1.64, a current ratio of 1.42 and a debt-to-equity ratio of 45.12.

Insider Transactions at New Gold

In other news, Senior Officer Keith Murphy sold 41,863 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total transaction of C$179,592.27. Insiders own 4.92% of the company’s stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.