New Gold (NYSE:NGD) Price Target Raised to $4.00

New Gold (NYSE:NGDGet Free Report) had its price objective boosted by analysts at Scotiabank from $3.50 to $4.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 35.82% from the stock’s current price.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $3.60.

View Our Latest Stock Analysis on New Gold

New Gold Stock Performance

Shares of NGD traded down $0.06 during trading hours on Thursday, reaching $2.95. 12,636,218 shares of the company traded hands, compared to its average volume of 12,048,205. The stock has a market capitalization of $2.33 billion, a P/E ratio of 147.25 and a beta of 1.36. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The business has a fifty day moving average price of $2.76 and a 200-day moving average price of $2.71.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares during the period. DGS Capital Management LLC acquired a new position in shares of New Gold in the fourth quarter worth about $30,000. Samalin Investment Counsel LLC acquired a new position in shares of New Gold in the fourth quarter worth about $32,000. Eastern Bank acquired a new position in shares of New Gold in the third quarter worth about $33,000. Finally, NorthCrest Asset Manangement LLC acquired a new position in shares of New Gold in the third quarter worth about $58,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Company Profile

(Get Free Report)

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.

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