New Gold (NYSE:NGD) Stock Price Down 6.5% – Here’s Why

New Gold Inc. (NYSE:NGD) shares dropped 6.5% during mid-day trading on Friday . The company traded as low as $2.82 and last traded at $2.82. Approximately 3,790,866 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 12,247,100 shares. The stock had previously closed at $3.01.

Analysts Set New Price Targets

Separately, Scotiabank lifted their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, New Gold currently has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Trading Down 6.3 %

The stock has a market cap of $2.23 billion, a PE ratio of 21.69 and a beta of 1.36. The company’s fifty day moving average is $2.77 and its 200-day moving average is $2.75. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Trading of New Gold

Institutional investors have recently bought and sold shares of the business. Allworth Financial LP raised its holdings in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after acquiring an additional 9,418 shares during the last quarter. SIH Partners LLLP purchased a new stake in shares of New Gold during the fourth quarter worth approximately $27,000. Tudor Investment Corp ET AL acquired a new position in New Gold in the 4th quarter valued at $27,000. Eastern Bank purchased a new position in New Gold in the 3rd quarter valued at $33,000. Finally, DGS Capital Management LLC purchased a new position in New Gold in the 4th quarter valued at $30,000. 42.82% of the stock is owned by institutional investors and hedge funds.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.