New Gold (NYSE:NGD) Trading Down 6.5% – What’s Next?

Shares of New Gold Inc. (NYSE:NGD) traded down 6.5% on Friday . The stock traded as low as $2.82 and last traded at $2.82. 3,790,866 shares were traded during mid-day trading, a decline of 69% from the average session volume of 12,247,100 shares. The stock had previously closed at $3.01.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank lifted their price target on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $3.60.

New Gold Stock Performance

The company has a market capitalization of $2.24 billion, a PE ratio of 21.81 and a beta of 1.36. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $2.77 and a two-hundred day moving average price of $2.74.

Institutional Investors Weigh In On New Gold

Several large investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in New Gold by 0.8% during the fourth 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 buying an additional 7,367 shares during the period. Wexford Capital LP bought a new stake in New Gold during the fourth quarter valued at $310,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in New Gold during the fourth quarter valued at $43,000. Man Group plc bought a new stake in New Gold during the fourth quarter valued at $611,000. Finally, Nokomis Capital L.L.C. boosted its stake in New Gold by 203.8% during the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after buying an additional 2,782,296 shares during the period. 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.