New Gold (NYSE:NGD) Shares Gap Up – Still a Buy?

New Gold Inc. (NYSE:NGD)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $3.37, but opened at $3.49. New Gold shares last traded at $3.52, with a volume of 9,829,700 shares trading hands.

Wall Street Analysts Forecast Growth

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

New Gold Stock Up 4.9 %

The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 27.04 and a beta of 1.35. The firm’s 50 day simple moving average is $2.96 and its two-hundred day simple moving average is $2.84.

Institutional Trading of New Gold

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