New Gold (NYSE:NGD) Shares Up 11% – Here’s Why

New Gold Inc. (NYSE:NGD) shot up 11% during trading on Thursday . The company traded as high as $12.49 and last traded at $12.4720. 10,889,978 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 17,286,637 shares. The stock had previously closed at $11.24.

Analysts Set New Price Targets

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

New Gold Trading Up 12.3%

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 market cap of $9.99 billion, a PE ratio of 97.08 and a beta of 0.62. The company has a fifty day simple moving average of $8.64 and a two-hundred day simple moving average of $6.90.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. Van ECK Associates Corp grew its stake in shares of New Gold by 50.7% during the third quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock worth $522,678,000 after purchasing an additional 24,495,669 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in New Gold by 89.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after buying an additional 13,591,642 shares during the last quarter. American Century Companies Inc. boosted its position in shares of New Gold by 8.2% during the 3rd quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock worth $120,985,000 after acquiring an additional 1,272,621 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of New Gold by 16.5% during the 3rd 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 in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of New Gold by 1,531.2% in the 3rd 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 last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.