New Gold (NYSE:NGD) Shares Gap Up – Should You Buy?

New Gold Inc. (NYSE:NGD) gapped up before the market opened on Monday . The stock had previously closed at $3.77, but opened at $3.86. New Gold shares last traded at $3.87, with a volume of 1,911,803 shares.

Analyst Ratings Changes

A number of brokerages have issued reports on NGD. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Raymond James set a $4.00 target price on shares of New Gold and gave the company a “market perform” rating in a research note on Friday, April 4th. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, CIBC lifted their price target on shares of New Gold from $3.40 to $4.75 and gave the company an “outperformer” rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.04.

New Gold Stock Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The firm has a market capitalization of $3.06 billion, a P/E ratio of 29.81 and a beta of 0.54. The stock’s 50 day moving average is $3.54 and its two-hundred day moving average is $3.04.

Institutional Trading of New Gold

A number of large investors have recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC acquired a new stake in New Gold in the 1st quarter worth about $37,000. SIH Partners LLLP acquired a new stake in shares of New Gold during the fourth quarter worth $27,000. Tudor Investment Corp ET AL bought a new position in shares of New Gold during the 4th quarter worth about $27,000. Nwam LLC bought a new position in shares of New Gold during the 1st quarter worth about $45,000. Finally, DGS Capital Management LLC bought a new position in shares of New Gold during the 4th quarter worth about $30,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.