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

New Gold Inc. (NYSE:NGD)’s share price gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NGD. Scotiabank boosted their target price on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. CIBC lowered their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and increased their price target for the stock from $2.60 to $3.90 in a research note on Wednesday. Finally, National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. One analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $3.66.

New Gold Stock Up 4.3 %

The firm has a market capitalization of $2.86 billion, a PE ratio of 27.85 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 firm has a 50-day moving average of $2.99 and a two-hundred day moving average of $2.85.

Institutional Trading of New Gold

Institutional investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. grew its stake in New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after buying an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of New Gold by 97.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock valued at $14,742,000 after acquiring an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. boosted its position in New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock worth $10,285,000 after purchasing an additional 2,782,296 shares during the period. BNP Paribas Financial Markets increased its holdings in New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after purchasing an additional 2,664,153 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after purchasing an additional 2,619,782 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.