New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 8.3% – Time to Sell?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares were down 8.3% during mid-day trading on Thursday . The company traded as low as $5.30 and last traded at $5.4740. Approximately 179,405 shares were traded during trading, a decline of 82% from the average daily volume of 1,019,222 shares. The stock had previously closed at $5.97.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. ATB Cormark Capital Markets assumed coverage on shares of New Pacific Metals in a report on Friday, February 20th. They issued a “moderate buy” rating on the stock. Raymond James Financial reissued an “outperform” rating on shares of New Pacific Metals in a research report on Wednesday, January 14th. Finally, Roth Mkm restated a “buy” rating and set a $6.00 target price (up from $4.25) on shares of New Pacific Metals in a research report on Tuesday, February 24th. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $6.00.

New Pacific Metals Stock Down 6.6%

The company has a 50 day simple moving average of $4.81 and a 200-day simple moving average of $3.83. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -184.83 and a beta of 0.94.

Institutional Investors Weigh In On New Pacific Metals

Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC bought a new stake in shares of New Pacific Metals during the fourth quarter valued at approximately $27,000. Dimensional Fund Advisors LP bought a new stake in shares of New Pacific Metals during the third quarter valued at approximately $32,000. Jane Street Group LLC bought a new stake in shares of New Pacific Metals during the second quarter valued at approximately $44,000. Virtu Financial LLC bought a new stake in shares of New Pacific Metals during the third quarter valued at approximately $50,000. Finally, J.W. Cole Advisors Inc. bought a new stake in shares of New Pacific Metals during the fourth quarter valued at approximately $53,000. Institutional investors 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.