New Gold (NYSE:NGD) Stock Price Down 2.2% – What’s Next?

New Gold Inc. (NYSE:NGD)’s share price dropped 2.2% during mid-day trading on Wednesday . The stock traded as low as $2.69 and last traded at $2.71. Approximately 1,364,233 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 7,830,903 shares. The stock had previously closed at $2.77.

Analyst Ratings Changes

NGD has been the topic of several research analyst reports. Scotiabank lifted their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $3.41.

New Gold Stock Performance

The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 136.50 and a beta of 1.34. The stock’s 50 day moving average is $2.68 and its two-hundred day moving average is $2.61.

New Gold (NYSE:NGD) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. Analysts anticipate that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allworth Financial LP grew its position in New Gold by 941.8% in the 3rd 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 acquired a new stake in shares of New Gold in the 3rd quarter worth $33,000. Scientech Research LLC acquired a new stake in shares of New Gold in the 2nd quarter worth $28,000. Rathbones Group PLC purchased a new stake in shares of New Gold in the second quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new position in shares of New Gold during the third quarter worth about $58,000. Institutional investors and hedge funds 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.