New Gold (NYSE:NGD) Trading Up 7.1% – What’s Next?

New Gold Inc. (NYSE:NGD) rose 7.1% during mid-day trading on Monday . The stock traded as high as $10.68 and last traded at $10.7130. Approximately 2,163,376 shares changed hands during trading, a decline of 84% from the average daily volume of 13,733,323 shares. The stock had previously closed at $10.00.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NGD. CIBC boosted their target price on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Monday, December 1st. Scotiabank increased their price objective on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Finally, Raymond James Financial reissued a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, New Gold has a consensus rating of “Buy” and a consensus target price of $7.38.

New Gold Price Performance

The firm has a 50 day moving average price of $8.06 and a two-hundred day moving average price of $6.59. The company has a market cap of $8.35 billion, a P/E ratio of 81.16 and a beta of 0.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Hedge Funds Weigh In On New Gold

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in New Gold during the 4th quarter worth about $2,053,000. Wealth Enhancement Advisory Services LLC increased its holdings in New Gold by 54.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,842 shares of the company’s stock worth $77,000 after acquiring an additional 3,100 shares during the period. Aventura Private Wealth LLC purchased a new stake in New Gold in the 4th quarter worth approximately $34,000. Arlington Capital Management Inc. purchased a new stake in New Gold in the 4th quarter worth approximately $4,546,000. Finally, GK Wealth Management LLC boosted its holdings in New Gold by 33.9% in the 4th quarter. GK Wealth Management LLC now owns 49,510 shares of the company’s stock valued at $431,000 after purchasing an additional 12,536 shares during the period. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.