New Gold (NYSE:NGD) Shares Gap Up – Here’s What Happened

Shares of New Gold Inc. (NYSE:NGD) gapped up prior to trading on Tuesday . The stock had previously closed at $3.36, but opened at $3.45. New Gold shares last traded at $3.38, with a volume of 2,465,388 shares trading hands.

Analyst Ratings Changes

A number of analysts recently commented on the stock. CIBC lowered their price objective on shares of 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 upped their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Stock Performance

The stock has a fifty day simple moving average of $2.91 and a 200-day simple moving average of $2.81. The stock has a market cap of $2.67 billion, a P/E ratio of 26.00 and a beta of 1.35. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Hedge Funds Weigh In On New Gold

Large investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. grew its holdings in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after acquiring an additional 4,671,399 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock valued at $14,742,000 after purchasing an additional 2,931,470 shares during the last quarter. Nokomis Capital L.L.C. lifted its stake in 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 valued at $10,285,000 after purchasing an additional 2,782,296 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in 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 purchasing an additional 2,664,153 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after purchasing an additional 2,619,782 shares during the last quarter. 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.