New Gold (NYSE:NGD) Shares Up 5.2% – Time to Buy?

New Gold Inc. (NYSE:NGD)’s share price was up 5.2% during mid-day trading on Tuesday . The company traded as high as $2.97 and last traded at $2.94. Approximately 1,454,039 shares were traded during trading, a decline of 90% from the average daily volume of 14,171,474 shares. The stock had previously closed at $2.79.

Analysts Set New Price Targets

NGD has been the subject of several recent analyst reports. Scotiabank upped their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. CIBC decreased their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, New Gold currently has a consensus rating of “Buy” and a consensus price target of $3.60.

New Gold Price Performance

The company has a 50 day moving average of $2.81 and a two-hundred day moving average of $2.78. The firm has a market cap of $2.34 billion, a P/E ratio of 22.73 and a beta of 1.35. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Hedge Funds Weigh In On New Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of New Gold by 0.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after buying an additional 4,500 shares during the period. Oxbow Advisors LLC lifted its stake in New Gold by 1.7% in the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after acquiring an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp boosted its position in New Gold by 11.9% during the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after acquiring an additional 5,331 shares during the period. Captrust Financial Advisors grew its stake in New Gold by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after acquiring an additional 6,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in New Gold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock valued at $2,258,000 after acquiring an additional 7,367 shares in the last quarter. Institutional investors and hedge funds 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.