New Gold (NYSE:NGD) Price Target Raised to $4.75

New Gold (NYSE:NGD) had its price objective increased by CIBC from $3.40 to $4.75 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an outperformer rating on the stock.

A number of other brokerages have also recently weighed in on NGD. StockNews.com cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Thursday, May 1st. Scotiabank reissued an “outperform” rating on shares of New Gold in a report on Monday, April 14th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. National Bank Financial raised New Gold to a “strong-buy” rating in a report on Friday, March 21st. Finally, Bank of America raised New Gold from an “underperform” rating to a “buy” rating and increased their target price for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $4.04.

New Gold Stock Up 4.0 %

Shares of New Gold stock opened at $4.18 on Thursday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $3.44 and a 200 day moving average price of $3.00. New Gold has a fifty-two week low of $1.74 and a fifty-two week high of $4.21. The firm has a market cap of $3.31 billion, a P/E ratio of 32.16 and a beta of 0.54.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SIH Partners LLLP acquired a new position in shares of New Gold during the fourth quarter valued at approximately $27,000. Tudor Investment Corp ET AL acquired a new position in shares of New Gold during the 4th quarter valued at $27,000. DGS Capital Management LLC acquired a new position in shares of New Gold during the 4th quarter valued at $30,000. Samalin Investment Counsel LLC bought a new stake in shares of New Gold in the 4th quarter worth $32,000. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of New Gold in the first quarter valued at $37,000. 42.82% of the stock is currently owned by institutional investors.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.