New Pacific Metals (NYSEAMERICAN:NEWP) Hits New 52-Week High – Still a Buy?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $6.72 and last traded at $6.61, with a volume of 441854 shares. The stock had previously closed at $6.51.

Analysts Set New Price Targets

Separately, Roth Capital reiterated a “buy” rating and issued a $7.25 price target on shares of New Pacific Metals in a research report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $7.25.

New Pacific Metals Trading Up 1.8%

The stock has a fifty day moving average of $4.61 and a 200-day moving average of $4.61. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -342.00 and a beta of 0.95.

Hedge Funds Weigh In On New Pacific Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEWP. Renaissance Technologies LLC acquired a new stake in shares of New Pacific Metals during the 1st quarter valued at $1,493,000. Trek Financial LLC acquired a new position in shares of New Pacific Metals in the fourth quarter worth $799,000. Equinox Partners Investment Management LLC increased its stake in shares of New Pacific Metals by 100.1% in the fourth quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock worth $19,781,000 after acquiring an additional 2,829,376 shares during the last quarter. Helikon Investments Ltd purchased a new stake in shares of New Pacific Metals during the fourth quarter worth $8,050,000. Finally, Jupiter Asset Management Ltd. raised its holdings in shares of New Pacific Metals by 5.8% during the fourth quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after acquiring an additional 722,700 shares in the last quarter. Institutional investors and hedge funds own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.