New Pacific Metals (NYSEAMERICAN:NEWP) Share Price Breaks Above 200 Day Moving Average – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s share price passed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $5.40 and traded as high as $5.80. New Pacific Metals shares last traded at $5.70, with a volume of 635,229 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of New Pacific Metals in a report on Monday, October 19th. Roth Capital restated a “buy” rating and set a $8.75 target price on shares of New Pacific Metals in a report on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, New Pacific Metals currently has a consensus rating of “Buy” and an average price target of $8.75.

New Pacific Metals Stock Down 1.0%

The stock has a market cap of $1.06 billion, a P/E ratio of -285.00 and a beta of 0.97. The firm has a 50 day simple moving average of $6.39 and a 200-day simple moving average of $5.40.

Institutional Investors Weigh In On New Pacific Metals

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

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metals projects in Bolivia. The company’s portfolio is centered on silver, with potential for associated gold and other metals.

Its flagship asset is the Silver Sand project in the Potosí Department of Bolivia, a large silver exploration and development project. New Pacific also holds the Carangas project in the Oruro Department and the Silverstrike project in Bolivia, expanding the company’s regional exploration pipeline.

New Pacific Metals has built its business around exploration, resource evaluation, technical studies and permitting rather than producing or selling refined metals.