New Gold (NYSE:NGD) Shares Gap Up – What’s Next?

New Gold Inc. (NYSE:NGD) shares gapped up prior to trading on Tuesday . The stock had previously closed at $9.95, but opened at $10.73. New Gold shares last traded at $10.4580, with a volume of 2,403,246 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Scotiabank raised their price objective on shares of New Gold to $12.75 and gave the company an “outperform” rating in a research note on Monday, January 26th. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. CIBC boosted their target price on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Finally, Raymond James Financial restated a “market perform” rating and set a $7.00 price target on shares of New Gold in a research note on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.18.

New Gold Stock Performance

The company’s 50-day moving average is $9.42 and its two-hundred day moving average is $7.33. The company has a market capitalization of $8.15 billion, a P/E ratio of 79.81 and a beta of 0.62. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Employees Retirement System of Texas bought a new position in shares of New Gold during the 2nd quarter valued at $32,000. Aventura Private Wealth LLC bought a new position in New Gold during the 4th quarter valued at approximately $34,000. Wealth Enhancement Advisory Services LLC purchased a new stake in New Gold in the third quarter worth $41,000. MAI Capital Management purchased a new stake in shares of New Gold in the 3rd quarter worth about $43,000. Finally, SBI Securities Co. Ltd. lifted its holdings in New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after buying an additional 8,472 shares during the period. 42.82% of the stock is currently owned by institutional investors.

New Gold Company Profile

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.