New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 4.7% – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares dropped 4.7% during mid-day trading on Friday . The stock traded as low as $6.45 and last traded at $6.3830. Approximately 128,547 shares traded hands during trading, a decline of 86% from the average session volume of 939,742 shares. The stock had previously closed at $6.70.

Wall Street Analyst Weigh In

Separately, Roth Capital reaffirmed a “buy” rating and issued a $7.25 price objective on shares of New Pacific Metals in a research report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, New Pacific Metals currently has a consensus rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Stock Down 4.4%

The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -320.20 and a beta of 1.02. The company’s 50 day moving average price is $5.33 and its 200 day moving average price is $4.92.

Institutional Trading of New Pacific Metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEWP. Renaissance Technologies LLC purchased a new stake in New Pacific Metals in the first quarter valued at approximately $1,493,000. Equinox Partners Investment Management LLC increased its holdings in New Pacific Metals by 100.1% in the 4th quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock worth $19,781,000 after buying an additional 2,829,376 shares during the period. Trek Financial LLC acquired a new position in New Pacific Metals in the 4th quarter worth approximately $799,000. Helikon Investments Ltd purchased a new position in New Pacific Metals during the 4th quarter worth approximately $8,050,000. Finally, Jupiter Asset Management Ltd. raised its position in New Pacific Metals by 5.8% during the 4th quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after buying an additional 722,700 shares during the last quarter. Institutional investors and hedge funds own 22.95% of the company’s stock.

New Pacific Metals Company Profile

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.