New Gold (NYSE:NGD) Trading Up 3.9% – Still a Buy?

Shares of New Gold Inc. (NYSE:NGD) were up 3.9% on Tuesday . The stock traded as high as $3.39 and last traded at $3.36. Approximately 2,616,498 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 10,312,488 shares. The stock had previously closed at $3.23.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday. CIBC dropped their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, Scotiabank upped their price target on shares of New Gold from $3.50 to $4.00 and gave the stock 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 given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, New Gold presently has an average rating of “Buy” and a consensus target price of $3.60.

New Gold Trading Up 4.8 %

The company’s 50-day simple moving average is $2.95 and its 200 day simple moving average is $2.83. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $2.68 billion, a PE ratio of 26.04 and a beta of 1.35.

Hedge Funds Weigh In On New Gold

Large investors have recently made changes to their positions in the business. SIH Partners LLLP acquired a new position in New Gold during the 4th quarter valued at about $27,000. Tudor Investment Corp ET AL acquired a new position in shares of New Gold during the fourth quarter valued at about $27,000. DGS Capital Management LLC purchased a new position in shares of New Gold in the 4th quarter valued at approximately $30,000. Samalin Investment Counsel LLC acquired a new stake in New Gold in the 4th quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in New Gold during the 4th quarter worth approximately $39,000. 42.82% of the stock is owned by institutional investors and hedge funds.

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.