New Gold Inc (NGD) Sees Significant Decrease in Short Interest

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New Gold Inc (NYSEAMERICAN:NGD) saw a large decrease in short interest in January. As of January 31st, there was short interest totalling 9,208,952 shares, a decrease of 8.0% from the January 15th total of 10,009,519 shares. Based on an average daily trading volume, of 3,041,479 shares, the short-interest ratio is presently 3.0 days.

Several research analysts recently issued reports on NGD shares. Zacks Investment Research raised New Gold from a “strong sell” rating to a “hold” rating in a research report on Friday, October 26th. Raymond James set a $1.25 target price on New Gold and gave the company a “market perform” rating in a research report on Friday, October 26th. BMO Capital Markets reaffirmed a “hold” rating on shares of New Gold in a research report on Thursday, November 1st. National Bank Financial reaffirmed a “hold” rating on shares of New Gold in a research report on Monday, November 12th. Finally, CIBC reaffirmed a “hold” rating on shares of New Gold in a research report on Sunday, December 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $1.75.

Shares of NGD opened at $1.24 on Thursday. New Gold has a 52 week low of $0.69 and a 52 week high of $2.92.

Several institutional investors and hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc boosted its stake in shares of New Gold by 0.9% in the fourth quarter. CIBC Asset Management Inc now owns 1,213,009 shares of the basic materials company’s stock worth $933,000 after buying an additional 10,445 shares during the last quarter. BlackRock Inc. boosted its stake in shares of New Gold by 16.9% in the second quarter. BlackRock Inc. now owns 425,898 shares of the basic materials company’s stock worth $886,000 after buying an additional 61,470 shares during the last quarter. Signition LP purchased a new stake in shares of New Gold in the fourth quarter worth about $66,000. Clean Yield Group boosted its stake in shares of New Gold by 166.7% in the fourth quarter. Clean Yield Group now owns 160,000 shares of the basic materials company’s stock worth $121,000 after buying an additional 100,000 shares during the last quarter. Finally, Brave Asset Management Inc. boosted its stake in shares of New Gold by 201.6% in the third quarter. Brave Asset Management Inc. now owns 190,000 shares of the basic materials company’s stock worth $151,000 after buying an additional 127,000 shares during the last quarter. Hedge funds and other institutional investors own 51.53% of the company’s stock.

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About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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