New Gold (NYSE:NGD) Trading Up 3.9% – Here’s What Happened

New Gold Inc. (NYSE:NGD) was up 3.9% during trading on Tuesday . The stock traded as high as $3.39 and last traded at $3.36. Approximately 2,616,498 shares were traded during trading, a decline of 75% from the average daily volume of 10,312,488 shares. The stock had previously closed at $3.23.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Scotiabank boosted their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. CIBC dropped their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Finally, Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and lifted their price target for the company from $2.60 to $3.90 in a research note on Wednesday. One analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $3.66.

New Gold Stock Up 3.0 %

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock’s 50 day simple moving average is $2.97 and its 200 day simple moving average is $2.84. The firm has a market cap of $2.75 billion, a P/E ratio of 26.69 and a beta of 1.35.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its stake in shares of New Gold by 9,360.7% in the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after purchasing an additional 2,664,153 shares during the last quarter. XTX Topco Ltd grew its holdings in New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock worth $1,408,000 after buying an additional 365,079 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in New Gold in the 4th quarter valued at $87,000. Centiva Capital LP bought a new position in New Gold during the 3rd quarter valued at $595,000. Finally, National Bank of Canada FI lifted its stake in New Gold by 22.9% during the 3rd quarter. National Bank of Canada FI now owns 2,374,142 shares of the company’s stock valued at $6,844,000 after acquiring an additional 442,527 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.