New Gold (NYSE:NGD) Shares Gap Up – Time to Buy?

New Gold Inc. (NYSE:NGD) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.67, but opened at $2.73. New Gold shares last traded at $2.63, with a volume of 2,125,465 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. CIBC lowered their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Scotiabank lifted their target price on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $3.60.

New Gold Price Performance

The firm has a 50-day moving average of $2.79 and a 200-day moving average of $2.78. The stock has a market cap of $2.12 billion, a PE ratio of 20.58 and a beta of 1.36. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Hillsdale Investment Management Inc. boosted its position in shares of New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after buying an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock valued at $14,742,000 after acquiring an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. lifted its position in shares of New Gold by 203.8% in the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock worth $10,285,000 after purchasing an additional 2,782,296 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after buying an additional 2,664,153 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after purchasing an additional 2,619,782 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About New Gold

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.