New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Breaks Above Two Hundred Day Moving Average – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $5.06 and traded as high as $6.94. New Pacific Metals shares last traded at $6.91, with a volume of 701,687 shares changing hands.

Wall Street Analyst Weigh In

Separately, Roth Capital restated a “buy” rating and set a $8.75 target price on shares of New Pacific Metals in a report on Thursday, September 17th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.75.

New Pacific Metals Stock Up 1.5%

The firm has a market cap of $1.23 billion, a P/E ratio of -331.50 and a beta of 1.02. The business has a fifty day moving average of $5.90 and a 200 day moving average of $5.06.

Institutional Investors Weigh In On New Pacific Metals

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in New Pacific Metals during the first quarter worth $1,493,000. Equinox Partners Investment Management LLC raised its position in shares of New Pacific Metals by 100.1% in the fourth quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock valued at $19,781,000 after purchasing an additional 2,829,376 shares during the period. Quantbot Technologies LP bought a new position in shares of New Pacific Metals in the second quarter valued at about $329,000. Jupiter Asset Management Ltd. lifted its stake in shares of New Pacific Metals by 5.8% during the 4th quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after buying an additional 722,700 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of New Pacific Metals during the 2nd quarter worth about $354,000. Institutional investors own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.