New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – Should You Buy?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares gapped up prior to trading on Wednesday. The stock had previously closed at $4.84, but opened at $5.28. New Pacific Metals shares last traded at $5.2250, with a volume of 93,050 shares.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NEWP shares. BMO Capital Markets restated an “outperform” rating on shares of New Pacific Metals in a research note on Monday, October 19th. Roth Capital reiterated a “buy” rating and issued a $8.75 target price on shares of New Pacific Metals in a research note on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating. According to MarketBeat, New Pacific Metals has an average rating of “Buy” and a consensus target price of $8.75.

New Pacific Metals Trading Up 1.1%

The firm has a market cap of $998.69 million, a PE ratio of -179.30 and a beta of 1.02. The stock has a fifty day simple moving average of $6.13 and a two-hundred day simple moving average of $5.08.

Hedge Funds Weigh In On New Pacific Metals

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE bought a new position in New Pacific Metals in the 2nd quarter valued at $2,378,000. Renaissance Technologies LLC purchased a new position in shares of New Pacific Metals during the 1st quarter valued at $1,493,000. Auxano Advisors LLC purchased a new position in shares of New Pacific Metals during the 2nd quarter valued at $394,000. Legal & General Group Plc bought a new position in shares of New Pacific Metals in the second quarter worth $354,000. Finally, Quantbot Technologies LP bought a new position in shares of New Pacific Metals in the second quarter worth $329,000. Hedge funds and other institutional investors own 22.95% of the company’s stock.

New Pacific Metals Company Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metals projects in Bolivia. The company’s portfolio is centered on silver, with potential for associated gold and other metals.

Its flagship asset is the Silver Sand project in the Potosí Department of Bolivia, a large silver exploration and development project. New Pacific also holds the Carangas project in the Oruro Department and the Silverstrike project in Bolivia, expanding the company’s regional exploration pipeline.

New Pacific Metals has built its business around exploration, resource evaluation, technical studies and permitting rather than producing or selling refined metals.