New Gold (TSE:NGD) Stock Passes Above 50 Day Moving Average – Here’s Why

Shares of New Gold Inc. (TSE:NGD) (ARCA:NGD) crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$13.90 and traded as high as C$15.64. New Gold shares last traded at C$15.35, with a volume of 1,846,536 shares.

Analyst Ratings Changes

NGD has been the subject of several analyst reports. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and upped their target price for the company from C$7.50 to C$12.00 in a research note on Monday, December 1st. National Bank Financial raised their price objective on New Gold from C$11.50 to C$12.50 and gave the company an “outperform” rating in a research report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$10.61.

New Gold Trading Up 4.3%

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 business’s 50-day moving average is C$13.90 and its two-hundred day moving average is C$10.85. The firm has a market cap of C$12.15 billion, a P/E ratio of 47.97, a P/E/G ratio of -3.02 and a beta of 1.95.

New Gold Company Profile

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.