New Pacific Metals (NYSEAMERICAN:NEWP) Trading Down 3.6% – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) was down 3.6% during mid-day trading on Friday . The company traded as low as $6.60 and last traded at $6.60. Approximately 207,698 shares changed hands during trading, a decline of 78% from the average session volume of 958,662 shares. The stock had previously closed at $6.85.

Wall Street Analysts Forecast Growth

Separately, Roth Capital reiterated a “buy” rating and set a $7.25 target price on shares of New Pacific Metals in a research report on Monday, May 18th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat, New Pacific Metals presently has an average rating of “Buy” and an average price target of $7.25.

New Pacific Metals Price Performance

The stock has a 50 day moving average price of $4.82 and a two-hundred day moving average price of $4.69. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -328.50 and a beta of 0.95.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NEWP. Renaissance Technologies LLC bought a new stake in New Pacific Metals during the 1st quarter worth about $1,493,000. Trek Financial LLC bought a new position in shares of New Pacific Metals in the 4th quarter valued at about $799,000. Equinox Partners Investment Management LLC boosted its stake in shares of New Pacific Metals by 100.1% in the 4th quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock valued at $19,781,000 after purchasing an additional 2,829,376 shares during the last quarter. Helikon Investments Ltd acquired a new stake in shares of New Pacific Metals during the 4th quarter worth approximately $8,050,000. Finally, Jupiter Asset Management Ltd. grew its position in shares of 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 buying an additional 722,700 shares during the period. Institutional investors and hedge funds own 22.95% of the company’s stock.

New Pacific Metals Company Profile

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.