New Gold (NYSE:NGD) Shares Down 3.5% – Here’s What Happened

New Gold Inc. (NYSE:NGD)’s stock price fell 3.5% on Wednesday . The company traded as low as $8.84 and last traded at $8.9150. 1,536,677 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 19,588,328 shares. The stock had previously closed at $9.24.

Analyst Upgrades and Downgrades

NGD has been the subject of several recent analyst reports. Scotiabank raised their target price on shares of New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. CIBC lifted their price objective on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. Raymond James Financial reiterated a “market perform” rating and set a $7.00 target price on shares of New Gold in a research report on Friday, October 10th. Finally, TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $7.38.

New Gold Price Performance

The firm has a market cap of $7.06 billion, a PE ratio of 68.35 and a beta of 0.65. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a 50 day moving average price of $7.46 and a 200 day moving average price of $6.19.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Employees Retirement System of Texas purchased a new stake in shares of New Gold in the 2nd quarter worth about $32,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of New Gold during the 3rd quarter worth approximately $41,000. MAI Capital Management acquired a new position in shares of New Gold during the 3rd quarter worth approximately $43,000. SBI Securities Co. Ltd. lifted its stake in New Gold by 1,837.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after buying an additional 8,472 shares in the last quarter. Finally, Wealthspire Advisors LLC acquired a new stake in New Gold during the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.