RWA Wealth Partners LLC Acquires New Stake in New Gold Inc. $NGD

RWA Wealth Partners LLC acquired a new position in New Gold Inc. (NYSE:NGD) during the second quarter, HoldingsChannel.com reports. The fund acquired 130,000 shares of the company’s stock, valued at approximately $644,000.

Other hedge funds have also recently made changes to their positions in the company. Invenomic Capital Management LP increased its position in New Gold by 1.6% in the 1st quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company’s stock valued at $12,658,000 after buying an additional 52,360 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in New Gold by 12.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock worth $13,845,000 after acquiring an additional 312,000 shares during the last quarter. Financial Sense Advisors Inc. bought a new stake in New Gold in the 1st quarter worth about $652,000. Foundry Partners LLC purchased a new stake in shares of New Gold during the first quarter valued at approximately $3,960,000. Finally, Plato Investment Management Ltd increased its position in shares of New Gold by 80.4% during the 2nd quarter. Plato Investment Management Ltd now owns 108,318 shares of the company’s stock valued at $535,000 after purchasing an additional 48,264 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Trading Up 1.6%

New Gold stock opened at $7.03 on Monday. New Gold Inc. has a 12 month low of $2.43 and a 12 month high of $7.71. The business’s fifty day simple moving average is $6.79 and its two-hundred day simple moving average is $5.36. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 54.08 and a beta of 0.52. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Analyst Upgrades and Downgrades

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

New Gold Profile

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.