New Gold Inc. (NYSE:NGD) (TSE:NGD) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 6,012,079 shares, a growth of 9.1% from the August 15th total of 5,509,057 shares. Based on an average daily volume of 3,822,600 shares, the short-interest ratio is presently 1.6 days. Approximately 1.1% of the shares of the stock are sold short.
Several analysts have issued reports on the stock. Zacks Investment Research downgraded shares of New Gold from a “hold” rating to a “sell” rating in a report on Saturday, July 15th. National Bank Financial raised shares of New Gold from a “sector perform” rating to an “outperform” rating in a report on Monday, July 24th. Raymond James Financial, Inc. reaffirmed a “market perform” rating and issued a $3.50 price target on shares of New Gold in a report on Thursday, June 15th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $3.75 price target on shares of New Gold in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $3.79.
Several institutional investors and hedge funds have recently made changes to their positions in NGD. World Asset Management Inc boosted its holdings in shares of New Gold by 6.8% in the second quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock worth $108,000 after buying an additional 2,162 shares during the period. First Manhattan Co. acquired a new position in shares of New Gold in the second quarter worth about $135,000. Pacad Investment Ltd. boosted its holdings in shares of New Gold by 25.0% in the second quarter. Pacad Investment Ltd. now owns 46,500 shares of the company’s stock worth $148,000 after buying an additional 9,300 shares during the period. Advisor Group Inc. boosted its holdings in shares of New Gold by 4.5% in the second quarter. Advisor Group Inc. now owns 46,794 shares of the company’s stock worth $149,000 after buying an additional 2,000 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in shares of New Gold in the first quarter worth about $166,000.
New Gold (NYSE NGD) traded up 1.79% during trading on Tuesday, hitting $3.98. 3,957,705 shares of the stock were exchanged. New Gold has a 12-month low of $2.39 and a 12-month high of $4.99. The firm has a market cap of $2.29 billion and a PE ratio of 41.03. The stock’s 50-day moving average price is $3.51 and its 200-day moving average price is $3.10.
New Gold (NYSE:NGD) (TSE:NGD) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The company had revenue of $185.60 million during the quarter, compared to analyst estimates of $181.17 million. During the same quarter last year, the firm posted ($0.02) EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts expect that New Gold will post $0.06 EPS for the current year.
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New Gold Company Profile
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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