New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 6.8% – Should You Sell?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares dropped 6.8% during mid-day trading on Thursday . The company traded as low as $4.33 and last traded at $4.2760. Approximately 290,680 shares changed hands during trading, a decline of 73% from the average daily volume of 1,068,240 shares. The stock had previously closed at $4.59.

Analysts Set New Price Targets

Several research analysts have weighed in on NEWP shares. Roth Mkm reaffirmed a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a research report on Monday, May 18th. ATB Cormark Capital Markets began coverage on New Pacific Metals in a report on Friday, February 20th. They set a “moderate buy” rating for the company. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $7.25.

New Pacific Metals Stock Down 8.2%

The company’s 50-day simple moving average is $5.06 and its 200 day simple moving average is $4.27. The stock has a market capitalization of $778.72 million, a price-to-earnings ratio of -210.25 and a beta of 0.90.

Hedge Funds Weigh In On New Pacific Metals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Equinox Partners Investment Management LLC lifted its stake in shares of New Pacific Metals by 100.1% in the fourth quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock worth $19,781,000 after buying an additional 2,829,376 shares during the last quarter. Helikon Investments Ltd bought a new position in New Pacific Metals in the 4th quarter worth $8,050,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in New Pacific Metals by 42.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,992,253 shares of the scientific and technical instruments company’s stock worth $10,788,000 after acquiring an additional 1,180,666 shares during the period. Alps Advisors Inc. lifted its position in New Pacific Metals by 42.1% during the 4th quarter. Alps Advisors Inc. now owns 2,878,543 shares of the scientific and technical instruments company’s stock worth $10,104,000 after acquiring an additional 852,375 shares during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its position in New Pacific Metals by 5.8% during the 4th quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after acquiring an additional 722,700 shares during the last quarter. Institutional investors and hedge funds own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.