New Gold (NYSEAMERICAN:NGD) Stock Price Up 3.2%

Shares of New Gold Inc. (NYSEAMERICAN:NGD) shot up 3.2% during mid-day trading on Wednesday . The stock traded as high as $1.79 and last traded at $1.78. 1,055,547 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 6,126,471 shares. The stock had previously closed at $1.72.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NGD. Scotiabank raised their target price on shares of New Gold from $1.65 to $2.00 and gave the stock a “sector perform” rating in a report on Monday, April 8th. StockNews.com cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Finally, National Bank Financial restated a “sector perform spec overwgt” rating on shares of New Gold in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $1.64.

New Gold Stock Up 2.3 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.54. The firm has a market cap of $1.21 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 0.93 and a beta of 1.54.

New Gold (NYSEAMERICAN:NGD) last announced its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The company had revenue of $199.20 million during the quarter. New Gold had a negative net margin of 8.20% and a positive return on equity of 5.63%. On average, equities research analysts predict that New Gold Inc. will post 0.05 earnings per share for the current year.

Hedge Funds Weigh In On New Gold

A number of institutional investors and hedge funds have recently made changes to their positions in NGD. Commonwealth Equity Services LLC purchased a new position in shares of New Gold in the 3rd quarter worth $25,000. Virtu Financial LLC purchased a new position in shares of New Gold during the 1st quarter worth about $33,000. CreativeOne Wealth LLC purchased a new position in shares of New Gold during the 2nd quarter worth about $33,000. Quantbot Technologies LP purchased a new position in shares of New Gold during the 2nd quarter worth about $33,000. Finally, ExodusPoint Capital Management LP purchased a new position in shares of New Gold during the 2nd quarter worth about $33,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Company 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.