New Pacific Metals (NYSEAMERICAN:NEWP) Trading Down 6.4% – Here’s Why

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) were down 6.4% during trading on Tuesday . The stock traded as low as $5.52 and last traded at $5.4950. 227,360 shares were traded during trading, a decline of 76% from the average session volume of 936,367 shares. The stock had previously closed at $5.87.

Analysts Set New Price Targets

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

New Pacific Metals Stock Down 5.5%

The company has a market capitalization of $1.03 billion, a P/E ratio of -276.75 and a beta of 1.02. The business has a fifty day moving average price of $5.59 and a 200 day moving average price of $5.03.

Institutional Trading of New Pacific Metals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new stake in New Pacific Metals in the 1st quarter valued at $1,493,000. Equinox Partners Investment Management LLC lifted its position in New Pacific Metals by 100.1% during 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 in the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of 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. Auxano Advisors LLC acquired a new position in shares of New Pacific Metals during the 2nd quarter worth about $394,000. Finally, Legal & General Group Plc acquired a new position in shares of New Pacific Metals during the 2nd quarter worth about $354,000. 22.95% of the stock is currently owned by institutional investors and hedge funds.

New Pacific Metals Company Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.