New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Down 8.3% – Here’s What Happened

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) dropped 8.3% on Tuesday. The stock traded as low as $5.62 and last traded at $5.60. Approximately 128,143 shares traded hands during trading, a decline of 86% from the average session volume of 901,972 shares. The stock had previously closed at $6.11.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. BMO Capital Markets reissued an “outperform” rating on shares of New Pacific Metals in a report on Monday, October 19th. Roth Capital reaffirmed a “buy” rating and set a $8.75 price objective on shares of New Pacific Metals in a report on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating. According to data from MarketBeat, New Pacific Metals currently has an average rating of “Buy” and a consensus target price of $8.75.

New Pacific Metals Stock Performance

The business has a 50 day moving average of $6.07 and a 200-day moving average of $5.10. The company has a market capitalization of $1.04 billion, a P/E ratio of -185.83 and a beta of 1.02.

Institutional Investors Weigh In On New Pacific Metals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio bought a new position in shares of New Pacific Metals in the second quarter valued at approximately $100,000. Bank of America Corp DE purchased a new position in New Pacific Metals during the second quarter valued at approximately $2,378,000. Legal & General Group Plc purchased a new position in New Pacific Metals during the second quarter valued at approximately $354,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in New Pacific Metals during the 2nd quarter worth approximately $159,000. Finally, Quantbot Technologies LP bought a new stake in New Pacific Metals during the 2nd quarter worth approximately $329,000. 22.95% of the stock is currently owned by institutional investors.

New Pacific Metals Company Profile

New Pacific Metals is a Canadian mineral exploration and development company focused on discovering and advancing silver and other precious-metals projects in Bolivia. Its work includes exploration, resource evaluation and studies to assess the potential development of its properties. The company’s principal projects include the Silver Sand silver project in the Potosí region and the Carangas silver-gold project in the Oruro region. It also holds the Silverstrike project in Bolivia. New Pacific Metals is focused on advancing its Bolivian projects and does not describe itself as a current producer of silver or gold.