New Gold (NYSE:NGD) Trading Up 5% – What’s Next?

New Gold Inc. (NYSE:NGD) shares were up 5% during mid-day trading on Wednesday . The company traded as high as $2.75 and last traded at $2.74. Approximately 5,854,813 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 5,971,381 shares. The stock had previously closed at $2.61.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NGD. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank lifted 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 investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $3.41.

New Gold Trading Down 1.1 %

The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 135.50 and a beta of 1.34. The business’s 50 day moving average price is $2.68 and its two-hundred day moving average price is $2.59. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42.

New Gold (NYSE:NGD) last announced its earnings results 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. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The company had revenue of $252.00 million for the quarter. Equities analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of New Gold

Several large investors have recently made changes to their positions in the business. Scientech Research LLC acquired a new position in New Gold during the 2nd quarter worth approximately $28,000. Allworth Financial LP lifted its position in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the last quarter. Eastern Bank bought a new position in New Gold during the third quarter worth $33,000. Rathbones Group PLC bought a new position in New Gold in the 2nd quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new stake in New Gold during the 3rd quarter worth approximately $58,000. 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.