New Gold Inc. (NYSEAMERICAN:NGD) Sees Significant Increase in Short Interest

New Gold Inc. (NYSEAMERICAN:NGD) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,590,000 shares, an increase of 18.9% from the August 15th total of 3,020,000 shares. Based on an average daily volume of 2,690,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.5% of the shares of the stock are sold short.

New Gold Trading Up 4.0 %

New Gold stock traded up $0.04 on Monday, hitting $1.05. 868,231 shares of the stock traded hands, compared to its average volume of 3,160,475. New Gold has a 1 year low of $0.73 and a 1 year high of $1.48. The stock has a market capitalization of $718.52 million, a price-to-earnings ratio of 50.00, a P/E/G ratio of 3.53 and a beta of 1.58. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a fifty day moving average of $1.24.

New Gold (NYSEAMERICAN:NGD) last announced its earnings results on Wednesday, July 26th. The basic materials company reported $0.02 earnings per share for the quarter. New Gold had a negative net margin of 7.93% and a positive return on equity of 1.10%. The business had revenue of $184.40 million during the quarter. As a group, analysts predict that New Gold will post 0.06 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on NGD. CSFB decreased their price target on shares of New Gold from $1.20 to $1.15 and set a “neutral” rating on the stock in a report on Thursday, August 17th. TheStreet upgraded New Gold from a “d” rating to a “c-” rating in a report on Thursday, July 27th. TD Securities dropped their target price on New Gold from $1.05 to $1.00 and set a “reduce” rating for the company in a research report on Friday, July 28th. Finally, StockNews.com lowered New Gold from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $1.29.

Institutional Trading of New Gold

Institutional investors and hedge funds have recently bought and sold shares of the company. HRT Financial LP bought a new stake in shares of New Gold in the 4th quarter worth $606,000. Pinnacle Wealth Management Group Inc. lifted its stake in New Gold by 2.6% during the 1st quarter. Pinnacle Wealth Management Group Inc. now owns 369,950 shares of the basic materials company’s stock valued at $666,000 after acquiring an additional 9,500 shares during the period. HC Advisors LLC boosted its holdings in shares of New Gold by 41.9% during the 1st quarter. HC Advisors LLC now owns 209,350 shares of the basic materials company’s stock valued at $230,000 after acquiring an additional 61,800 shares during the last quarter. Boundary Creek Advisors LP bought a new stake in shares of New Gold in the first quarter worth approximately $1,223,000. Finally, Waddell & Associates LLC purchased a new position in shares of New Gold during the fourth quarter valued at approximately $38,000. 31.78% of the stock is currently owned by institutional investors.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.