New Gold (NYSE:NGD) Sees Large Volume Increase – Here’s Why

New Gold Inc. (NYSE:NGD) saw unusually-strong trading volume on Tuesday . Approximately 14,004,328 shares changed hands during mid-day trading, an increase of 30% from the previous session’s volume of 10,795,266 shares.The stock last traded at $3.60 and had previously closed at $3.71.

Analysts Set New Price Targets

NGD has been the subject of several research reports. CIBC reduced their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and increased their target price for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Finally, Scotiabank increased their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, New Gold currently has an average rating of “Buy” and an average target price of $3.66.

New Gold Trading Down 4.2 %

The firm’s 50-day moving average price is $3.03 and its 200-day moving average price is $2.87. The company has a market cap of $2.81 billion, a P/E ratio of 27.43 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

A number of large investors have recently made changes to their positions in the stock. SIH Partners LLLP purchased a new stake in New Gold during the 4th quarter worth about $27,000. Tudor Investment Corp ET AL bought a new position in shares of New Gold in the fourth quarter valued at approximately $27,000. DGS Capital Management LLC purchased a new position in New Gold during the fourth quarter valued at approximately $30,000. Samalin Investment Counsel LLC bought a new stake in New Gold during the 4th quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in New Gold in the 4th quarter worth approximately $39,000. 42.82% of the stock is owned by institutional investors.

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.