New Gold (NYSEAMERICAN:NGD) was upgraded by analysts at Canaccord Genuity from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, The Fly reports.

A number of other analysts also recently weighed in on NGD. Zacks Investment Research downgraded shares of New Gold from a “hold” rating to a “strong sell” rating in a report on Thursday, June 28th. Scotiabank downgraded shares of New Gold from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 8th. Royal Bank of Canada cut shares of New Gold from a “sector perform” rating to an “underperform” rating and lowered their price objective for the stock from $3.50 to $1.40 in a research report on Wednesday, August 15th. JPMorgan Chase & Co. cut shares of New Gold from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 8th. Finally, National Bank Financial cut shares of New Gold from an “outperform spec overweight” rating to a “sector perform spec overwgt” rating in a research report on Wednesday, August 8th. Five analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $2.42.

NYSEAMERICAN NGD opened at $1.00 on Monday. The company has a quick ratio of 1.38, a current ratio of 2.28 and a debt-to-equity ratio of 0.42. New Gold has a 12-month low of $0.98 and a 12-month high of $4.25.

Institutional investors have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC increased its stake in shares of New Gold by 114.0% in the first quarter. Neuberger Berman Group LLC now owns 61,775 shares of the basic materials company’s stock worth $159,000 after purchasing an additional 32,913 shares in the last quarter. Brave Asset Management Inc. boosted its position in shares of New Gold by 270.6% in the second quarter. Brave Asset Management Inc. now owns 63,000 shares of the basic materials company’s stock valued at $131,000 after acquiring an additional 46,000 shares during the period. Natixis bought a new position in shares of New Gold in the first quarter valued at approximately $189,000. Commonwealth Equity Services LLC boosted its position in shares of New Gold by 26.6% in the first quarter. Commonwealth Equity Services LLC now owns 103,765 shares of the basic materials company’s stock valued at $267,000 after acquiring an additional 21,800 shares during the period. Finally, Shufro Rose & Co. LLC bought a new position in shares of New Gold in the first quarter valued at approximately $271,000. 51.53% of the stock is currently owned by hedge funds and other institutional investors.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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