New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 8.3% – Here’s Why

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) were down 8.3% during trading on Tuesday. The stock traded as low as $5.62 and last traded at $5.60. 128,143 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 901,972 shares. The stock had previously closed at $6.11.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NEWP. Roth Capital reiterated a “buy” rating and set a $8.75 price target on shares of New Pacific Metals in a research note on Thursday, September 17th. BMO Capital Markets restated an “outperform” rating on shares of New Pacific Metals in a research note on Monday, October 19th. Four investment analysts have rated the stock with a Buy rating. According to MarketBeat, New Pacific Metals currently has a consensus rating of “Buy” and a consensus price target of $8.75.

New Pacific Metals Price Performance

The stock has a fifty day moving average price of $6.03 and a two-hundred day moving average price of $5.11.

Hedge Funds Weigh In On New Pacific Metals

Several institutional investors and hedge funds have recently modified their holdings of NEWP. Bank of America Corp DE acquired a new stake in New Pacific Metals during the second quarter worth approximately $2,378,000. Renaissance Technologies LLC purchased a new position in shares of New Pacific Metals during the 1st quarter worth $1,493,000. Auxano Advisors LLC acquired a new stake in New Pacific Metals during the 2nd quarter valued at $394,000. Legal & General Group Plc acquired a new position in New Pacific Metals in the 2nd quarter worth $354,000. Finally, Quantbot Technologies LP acquired a new position in New Pacific Metals in the 2nd quarter worth $329,000. Hedge funds and other institutional investors own 22.95% of the company’s stock.

New Pacific Metals Company Profile

New Pacific Metals is a Canadian mineral exploration and development company focused on discovering and advancing silver and other precious-metals projects in Bolivia. Its work includes exploration, resource evaluation and studies to assess the potential development of its properties. The company’s principal projects include the Silver Sand silver project in the Potosí region and the Carangas silver-gold project in the Oruro region. It also holds the Silverstrike project in Bolivia. New Pacific Metals is focused on advancing its Bolivian projects and does not describe itself as a current producer of silver or gold.