New Gold Inc. (NYSE:NGD) Short Interest Update

New Gold Inc. (NYSE:NGD) was the recipient of a large decrease in short interest in October. As of October 15th, there was short interest totaling 16,230,000 shares, a decrease of 27.2% from the September 30th total of 22,290,000 shares. Based on an average daily trading volume, of 16,120,000 shares, the days-to-cover ratio is presently 1.0 days. Approximately 2.2% of the company’s shares are short sold. Approximately 2.2% of the company’s shares are short sold. Based on an average daily trading volume, of 16,120,000 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Upgrades and Downgrades

NGD has been the topic of several research reports. Scotiabank upped their price objective on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. TD Securities reissued a “hold” rating and issued a $7.50 price target on shares of New Gold in a research note on Thursday. Raymond James Financial reissued a “market perform” rating and issued a $7.00 price target on shares of New Gold in a research note on Friday, October 10th. CIBC increased their price target on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Finally, National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, New Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.63.

Hedge Funds Weigh In On New Gold

A number of large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System bought a new position in New Gold during the 3rd quarter worth about $100,000. TD Waterhouse Canada Inc. grew its holdings in shares of New Gold by 8.9% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 25,942 shares of the company’s stock valued at $189,000 after acquiring an additional 2,129 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of New Gold by 31.2% in the 3rd quarter. CIBC Asset Management Inc now owns 1,462,328 shares of the company’s stock valued at $10,464,000 after acquiring an additional 347,846 shares in the last quarter. Oxbow Advisors LLC grew its holdings in shares of New Gold by 2.3% in the 3rd quarter. Oxbow Advisors LLC now owns 1,455,136 shares of the company’s stock valued at $10,448,000 after acquiring an additional 33,080 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in New Gold in the 3rd quarter valued at about $80,000. Institutional investors own 42.82% of the company’s stock.

New Gold Trading Down 0.8%

New Gold stock traded down $0.06 during mid-day trading on Monday, hitting $7.28. 75,481,977 shares of the company’s stock were exchanged, compared to its average volume of 19,431,219. The firm has a market capitalization of $5.76 billion, a P/E ratio of 56.00 and a beta of 0.46. New Gold has a fifty-two week low of $2.43 and a fifty-two week high of $7.71. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company’s 50 day simple moving average is $6.67 and its 200-day simple moving average is $5.24.

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.