New Gold (NYSE:NGD) Stock Price Up 2.1% – Here’s What Happened

New Gold Inc. (NYSE:NGD) shares were up 2.1% during trading on Monday . The stock traded as high as $3.67 and last traded at $3.68. Approximately 2,254,468 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 10,696,727 shares. The stock had previously closed at $3.60.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NGD shares. CIBC decreased their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and raised their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Scotiabank raised their target price on shares of 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, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $3.66.

New Gold Price Performance

The firm has a market capitalization of $2.92 billion, a PE ratio of 28.35 and a beta of 1.35. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a fifty day moving average price of $3.01 and a 200-day moving average price of $2.86.

Institutional Trading of New Gold

Several hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. lifted its position in New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after acquiring an additional 4,671,399 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock worth $14,742,000 after purchasing an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. grew its stake in New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock worth $10,285,000 after buying an additional 2,782,296 shares during the last quarter. BNP Paribas Financial Markets increased its position in New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after buying an additional 2,664,153 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after acquiring an additional 2,619,782 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.