New Gold (NYSE:NGD) Shares Gap Down – Here’s What Happened

Shares of New Gold Inc. (NYSE:NGD) gapped down prior to trading on Wednesday . The stock had previously closed at $10.34, but opened at $9.77. New Gold shares last traded at $9.7110, with a volume of 2,953,818 shares trading hands.

Analysts Set New Price Targets

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

New Gold Price Performance

The company has a 50 day moving average of $11.22 and a 200 day moving average of $8.73. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 74.61 and a beta of 0.57. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp raised its stake in New Gold by 50.7% during the third quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock worth $522,678,000 after purchasing an additional 24,495,669 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of New Gold by 5.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 29,274,513 shares of the company’s stock valued at $255,044,000 after buying an additional 1,588,539 shares during the period. Vanguard Group Inc. grew its stake in shares of New Gold by 81.2% during the 4th quarter. Vanguard Group Inc. now owns 20,787,033 shares of the company’s stock valued at $181,138,000 after buying an additional 9,318,051 shares during the period. American Century Companies Inc. increased its holdings in shares of New Gold by 8.2% during the 3rd quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock worth $120,985,000 after buying an additional 1,272,621 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of New Gold by 79.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 16,203,877 shares of the company’s stock worth $141,136,000 after buying an additional 7,183,849 shares during the last quarter. 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.