New Gold (NYSE:NGD) Shares Gap Up – Should You Buy?

New Gold Inc. (NYSE:NGD)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.64, but opened at $3.80. New Gold shares last traded at $3.76, with a volume of 2,319,007 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NGD. National Bank Financial upgraded New Gold to a “strong-buy” rating in a report on Friday, March 21st. Raymond James set a $4.00 price objective on New Gold and gave the stock a “market perform” rating in a report on Friday, April 4th. CIBC reduced their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. New Street Research set a $3.90 price target on shares of New Gold in a report on Wednesday, March 26th. Finally, National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $3.85.

New Gold Trading Up 0.8 %

The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $3.17 and a 200-day moving average price of $2.91. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 28.23 and a beta of 0.93.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Atria Wealth Solutions Inc. acquired a new position in New Gold during the 4th quarter valued at $87,000. Virtu Financial LLC bought a new stake in shares of New Gold in the third quarter valued at about $941,000. Raymond James Financial Inc. acquired a new stake in New Gold during the fourth quarter worth about $1,918,000. Renaissance Technologies LLC grew its position in New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after buying an additional 2,619,782 shares in the last quarter. Finally, HighTower Advisors LLC increased its stake in New Gold by 505.1% during the third quarter. HighTower Advisors LLC now owns 111,360 shares of the company’s stock valued at $320,000 after acquiring an additional 92,956 shares during the period. 42.82% of the stock is currently 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.