New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Up 6% – Should You Buy?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price was up 6% during trading on Friday. The stock traded as high as $6.56 and last traded at $6.6150. 75,762 shares were traded during trading, a decline of 92% from the average session volume of 929,044 shares. The stock had previously closed at $6.24.

Analyst Ratings Changes

Separately, Roth Capital reissued a “buy” rating and issued a $8.75 price target on shares of New Pacific Metals in a report on Thursday, September 17th. Four research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.75.

New Pacific Metals Price Performance

The company has a market cap of $1.22 billion, a P/E ratio of -328.55 and a beta of 0.97. The company has a fifty day simple moving average of $6.42 and a 200-day simple moving average of $5.31.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in New Pacific Metals in the first quarter worth approximately $1,493,000. Bank of America Corp DE bought a new position in shares of New Pacific Metals during the 2nd quarter worth about $2,378,000. Equinox Partners Investment Management LLC increased its position in shares of New Pacific Metals by 100.1% during the fourth quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock valued at $19,781,000 after purchasing an additional 2,829,376 shares during the period. Quantbot Technologies LP acquired a new position in shares of New Pacific Metals in the 2nd quarter worth approximately $329,000. Finally, Legal & General Group Plc bought a new stake in shares of New Pacific Metals in the 2nd quarter worth about $354,000. 22.95% of the stock is owned by institutional investors and hedge funds.

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metal projects in Bolivia. The company’s portfolio is centered on silver, with its activities involving geological exploration, resource evaluation, engineering studies and permitting rather than the operation of producing mines.

New Pacific’s flagship asset is the Silver Sand project in the Potosí Department of Bolivia. The company is also advancing the Carangas project in Bolivia’s Oruro Department and the Silverstrike project in the La Paz Department.