New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares gapped up prior to trading on Wednesday. The stock had previously closed at $4.84, but opened at $5.28. New Pacific Metals shares last traded at $5.2250, with a volume of 93,050 shares.

Wall Street Analyst Weigh In

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

New Pacific Metals Stock Performance

The firm’s 50 day simple moving average is $6.19 and its 200-day simple moving average is $5.06. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of -269.35 and a beta of 1.02.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Pasadena Private Wealth LLC acquired a new position in shares of New Pacific Metals in the 2nd quarter valued at about $40,000. State of Wyoming acquired a new stake in shares of New Pacific Metals during the second quarter worth approximately $85,000. Public Employees Retirement System of Ohio acquired a new stake in shares of New Pacific Metals during the second quarter worth approximately $100,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in New Pacific Metals during the second quarter valued at approximately $159,000. Finally, BlackRock Inc. purchased a new position in New Pacific Metals during the second quarter valued at approximately $275,000. 22.95% of the stock is owned by institutional investors and hedge funds.

New Pacific Metals Company Profile

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.