New Gold (TSE:NGD) Sets New 12-Month High – Should You Buy?

New Gold Inc. (TSE:NGD) (ARCA:NGD) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$5.99 and last traded at C$5.99, with a volume of 637913 shares traded. The stock had previously closed at C$5.91.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NGD. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and raised their price objective for the stock from C$3.65 to C$5.45 in a report on Wednesday, March 26th. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, New Gold has an average rating of “Buy” and an average price target of C$4.34.

New Gold Price Performance

The stock has a market cap of C$3.30 billion, a PE ratio of 163.92, a P/E/G ratio of -3.02 and a beta of 1.59. The company has a debt-to-equity ratio of 45.12, a current ratio of 1.42 and a quick ratio of 1.64. The firm’s 50 day moving average price is C$5.10 and its two-hundred day moving average price is C$4.38.

Insider Transactions at New Gold

In related news, Senior Officer Ankit Shah sold 42,699 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of C$5.67, for a total transaction of C$242,103.33. Also, Senior Officer Keith Murphy sold 41,863 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total transaction of C$179,592.27. Insiders sold 133,610 shares of company stock worth $686,555 over the last quarter. Corporate insiders own 4.92% of the company’s stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.