New Gold (NYSE:NGD) Stock Price Up 5% – Time to Buy?

Shares of New Gold Inc. (NYSE:NGD) shot up 5% on Wednesday . The stock traded as high as $2.75 and last traded at $2.74. 5,854,813 shares changed hands during trading, a decline of 2% from the average session volume of 5,971,381 shares. The stock had previously closed at $2.61.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NGD shares. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank raised their price target on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their price objective on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $3.41.

New Gold Stock Up 4.2 %

The firm has a market cap of $2.15 billion, a PE ratio of 136.00 and a beta of 1.34. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $2.68 and a two-hundred day moving average price of $2.59.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. On average, equities research analysts expect that New Gold Inc. will post 0.18 EPS for the current year.

Institutional Investors Weigh In On New Gold

Several institutional investors have recently added to or reduced their stakes in NGD. TD Asset Management Inc lifted its position in shares of New Gold by 9.8% during the 2nd quarter. TD Asset Management Inc now owns 4,129,508 shares of the company’s stock worth $8,148,000 after buying an additional 369,354 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of New Gold by 4.4% during the second quarter. National Bank of Canada FI now owns 1,931,615 shares of the company’s stock worth $3,772,000 after purchasing an additional 81,653 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of New Gold by 1,210.3% during the second quarter. Acadian Asset Management LLC now owns 1,203,908 shares of the company’s stock worth $2,342,000 after purchasing an additional 1,112,030 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of New Gold during the second quarter worth about $1,560,000. Finally, Monaco Asset Management SAM lifted its holdings in shares of New Gold by 8.6% in the 2nd quarter. Monaco Asset Management SAM now owns 440,000 shares of the company’s stock valued at $858,000 after purchasing an additional 35,000 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.