New Gold (NYSE:NGD) Hits New 1-Year High – Here’s What Happened

New Gold Inc. (NYSE:NGD)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $7.75 and last traded at $7.6750, with a volume of 25214064 shares. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

NGD has been the subject of several recent analyst reports. Raymond James Financial reiterated a “market perform” rating and set a $7.00 price target on shares of New Gold in a research note on Friday, October 10th. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. CIBC upped their target price on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Scotiabank increased their price target on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Finally, TD Securities restated a “hold” rating and issued a $7.50 price objective on shares of New Gold in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, New Gold has a consensus rating of “Moderate Buy” and an average price target of $6.63.

New Gold Trading Up 3.8%

The company has a market capitalization of $6.00 billion, a price-to-earnings ratio of 58.31 and a beta of 0.52. The business has a fifty day moving average price of $6.84 and a 200 day moving average price of $5.41. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Investors Weigh In On New Gold

Several large investors have recently modified their holdings of NGD. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of New Gold in the third quarter valued at $41,000. MAI Capital Management bought a new stake in New Gold during the 3rd quarter worth approximately $43,000. Employees Retirement System of Texas acquired a new stake in shares of New Gold during the second quarter worth $32,000. Global Retirement Partners LLC lifted its holdings in shares of New Gold by 190.7% in the third quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after purchasing an additional 4,612 shares in the last quarter. Finally, Byrne Asset Management LLC acquired a new position in New Gold during the 3rd quarter worth approximately $60,000. 42.82% of the stock is currently owned by institutional investors.

About New Gold

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.