New Pacific Metals (NYSEAMERICAN:NEWP) Trading Down 9.2% – What’s Next?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares traded down 9.2% during trading on Tuesday . The company traded as low as $3.92 and last traded at $3.9050. Approximately 319,464 shares were traded during trading, a decline of 70% from the average session volume of 1,060,813 shares. The stock had previously closed at $4.30.

Wall Street Analysts Forecast Growth

Separately, Roth Capital reissued a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a research note on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Stock Performance

The company has a market capitalization of $711.83 million, a price-to-earnings ratio of -191.75 and a beta of 0.95. The company has a fifty day simple moving average of $4.79 and a two-hundred day simple moving average of $4.38.

Hedge Funds Weigh In On New Pacific Metals

Several large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new stake in New Pacific Metals in the 1st quarter worth about $1,493,000. Equinox Partners Investment Management LLC boosted its position in shares of New Pacific Metals by 18.5% in the first quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company’s stock worth $27,781,000 after acquiring an additional 1,044,000 shares during the last quarter. Virtu Financial LLC grew its holdings in New Pacific Metals by 224.0% in the fourth quarter. Virtu Financial LLC now owns 59,640 shares of the scientific and technical instruments company’s stock valued at $209,000 after purchasing an additional 41,235 shares during the period. XTX Topco Ltd acquired a new position in New Pacific Metals during the fourth quarter worth approximately $312,000. Finally, Quadrature Capital Ltd purchased a new position in New Pacific Metals during the fourth quarter worth approximately $259,000. 22.95% of the stock is currently owned by hedge funds and other institutional investors.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.