New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 6.6% – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) dropped 6.6% on Wednesday. The company traded as low as $6.38 and last traded at $6.4530. 77,022 shares traded hands during trading, a decline of 92% from the average daily volume of 948,295 shares. The stock had previously closed at $6.91.

Wall Street Analysts Forecast Growth

Separately, Roth Capital reiterated a “buy” rating and issued a $8.75 price target on shares of New Pacific Metals in a research note on Thursday, September 17th. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $8.75.

New Pacific Metals Stock Performance

The business’s fifty day moving average is $5.95 and its 200-day moving average is $5.08. The firm has a market cap of $1.23 billion, a P/E ratio of -331.50 and a beta of 1.02.

Hedge Funds Weigh In On New Pacific Metals

A number of hedge funds have recently modified their holdings of the business. Pasadena Private Wealth LLC acquired a new stake in New Pacific Metals in the second quarter valued at $40,000. State of Wyoming acquired a new position in New Pacific Metals during the 2nd quarter worth about $85,000. Public Employees Retirement System of Ohio acquired a new position in New Pacific Metals during the 2nd quarter worth about $100,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of New Pacific Metals in the 2nd quarter valued at about $159,000. Finally, BlackRock Inc. bought a new stake in shares of New Pacific Metals in the 2nd quarter valued at about $275,000. Institutional investors and hedge funds own 22.95% of the company’s stock.

New Pacific Metals Company Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.