New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – Should You Buy?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) gapped up prior to trading on Monday . The stock had previously closed at $4.57, but opened at $4.99. New Pacific Metals shares last traded at $5.0250, with a volume of 220,654 shares traded.

Wall Street Analyst Weigh In

NEWP has been the subject of several analyst reports. Roth Mkm reaffirmed a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a research report on Monday, May 18th. ATB Cormark Capital Markets initiated coverage on New Pacific Metals in a research report on Friday, February 20th. They issued a “moderate buy” rating for the company. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $7.25.

New Pacific Metals Price Performance

The firm has a market capitalization of $896.22 million, a PE ratio of -242.75 and a beta of 0.90. The stock has a 50-day moving average price of $5.03 and a 200-day moving average price of $4.22.

Institutional Trading of New Pacific Metals

A number of hedge funds and other institutional investors have recently modified their holdings of NEWP. Barclays PLC purchased a new stake in shares of New Pacific Metals during the fourth quarter worth about $27,000. Dimensional Fund Advisors LP purchased a new stake in shares of New Pacific Metals during the third quarter worth about $32,000. Jane Street Group LLC purchased a new stake in shares of New Pacific Metals during the second quarter worth about $44,000. Virtu Financial LLC purchased a new stake in shares of New Pacific Metals during the third quarter worth about $50,000. Finally, J.W. Cole Advisors Inc. purchased a new stake in shares of New Pacific Metals during the fourth quarter worth about $53,000. 22.95% of the stock is 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.