New Gold (NYSE:NGD) Stock Price Down 8.8% – What’s Next?

New Gold Inc. (NYSE:NGD) shares fell 8.8% during mid-day trading on Monday . The stock traded as low as $10.22 and last traded at $10.22. 1,999,384 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 19,166,236 shares. The stock had previously closed at $11.21.

Wall Street Analyst Weigh In

NGD has been the subject of a number of recent analyst reports. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Monday, December 1st. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Finally, Scotiabank raised their price objective on New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $8.18.

New Gold Trading Down 4.5%

The company has a fifty day moving average of $10.96 and a 200-day moving average of $8.48. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $8.47 billion, a price-to-earnings ratio of 82.31 and a beta of 0.57.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Mcguire Capital Advisors Inc. purchased a new position in New Gold in the 4th quarter valued at $27,000. Aventura Private Wealth LLC purchased a new stake in shares of New Gold during the fourth quarter worth $34,000. EverSource Wealth Advisors LLC raised its position in shares of New Gold by 40.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock valued at $41,000 after buying an additional 1,343 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of New Gold in the third quarter worth about $41,000. Finally, MAI Capital Management acquired a new position in New Gold during the third quarter worth about $43,000. 42.82% of the stock is owned by institutional investors and hedge funds.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.