New Gold (NYSE:NGD) Sees Large Volume Increase – Here’s What Happened

Shares of New Gold Inc. (NYSE:NGD) saw an uptick in trading volume on Tuesday . 14,004,328 shares changed hands during trading, an increase of 30% from the previous session’s volume of 10,795,266 shares.The stock last traded at $3.60 and had previously closed at $3.71.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. National Bank Financial upgraded New Gold to a “strong-buy” rating in a report on Friday, March 21st. Scotiabank increased their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. CIBC cut their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and upped their price target for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. One analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $3.70.

New Gold Price Performance

The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 27.85 and a beta of 1.35. The company’s fifty day moving average is $3.06 and its 200 day moving average is $2.88. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Trading of New Gold

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SIH Partners LLLP bought a new position in New Gold in the fourth quarter valued at approximately $27,000. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold in the 4th quarter valued at approximately $27,000. DGS Capital Management LLC bought a new position in shares of New Gold in the fourth quarter valued at $30,000. Samalin Investment Counsel LLC acquired a new position in New Gold during the fourth quarter worth $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in New Gold during the fourth quarter worth $39,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Company Profile

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.