New Pacific Metals (NYSEAMERICAN:NEWP) Shares Up 9.4% – Here’s What Happened

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) traded up 9.4% during mid-day trading on Wednesday . The company traded as high as $5.76 and last traded at $5.73. 208,996 shares were traded during trading, a decline of 79% from the average session volume of 982,691 shares. The stock had previously closed at $5.24.

Analyst Upgrades and Downgrades

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

New Pacific Metals Stock Performance

The stock’s 50 day simple moving average is $4.36 and its 200-day simple moving average is $4.47. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -292.35 and a beta of 0.95.

Hedge Funds Weigh In On New Pacific Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEWP. Barclays PLC purchased a new stake in New Pacific Metals during the 4th quarter valued at about $27,000. Dimensional Fund Advisors LP acquired a new stake in shares of New Pacific Metals during the third quarter worth about $32,000. J.W. Cole Advisors Inc. purchased a new stake in New Pacific Metals in the fourth quarter valued at approximately $53,000. Hollencrest Capital Management purchased a new stake in New Pacific Metals in the fourth quarter valued at approximately $63,000. Finally, LPL Financial LLC acquired a new position in New Pacific Metals in the 4th quarter worth approximately $64,000. Hedge funds and other institutional investors own 22.95% of the company’s stock.

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.