New Gold (NYSE:NGD) Shares Gap Down – Time to Sell?

New Gold Inc. (NYSE:NGD)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $10.34, but opened at $9.77. New Gold shares last traded at $9.7110, with a volume of 2,953,818 shares.

Analyst Ratings Changes

NGD has been the topic of several recent analyst reports. Zacks Research upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Scotiabank lifted their price target on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $8.18.

New Gold Trading Down 4.1%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a market cap of $7.19 billion, a P/E ratio of 69.85 and a beta of 0.57. The company has a 50-day simple moving average of $11.21 and a 200-day simple moving average of $8.74.

Institutional Trading of New Gold

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC bought a new position in New Gold in the 3rd quarter valued at $1,625,000. JPMorgan Chase & Co. raised its position in shares of New Gold by 16.5% during the third quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock worth $95,904,000 after acquiring an additional 1,891,468 shares during the last quarter. TD Asset Management Inc raised its position in shares of New Gold by 44.3% during the third quarter. TD Asset Management Inc now owns 4,667,247 shares of the company’s stock worth $33,443,000 after acquiring an additional 1,433,603 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of New Gold by 1,531.2% during the third quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock valued at $82,164,000 after acquiring an additional 10,765,902 shares during the period. Finally, Triasima Portfolio Management inc. boosted its holdings in New Gold by 41.2% in the third quarter. Triasima Portfolio Management inc. now owns 849,586 shares of the company’s stock valued at $6,088,000 after acquiring an additional 247,821 shares during the last quarter. Institutional investors and hedge funds 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.