New Gold (NYSE:NGD) Shares Gap Down – What’s Next?

New Gold Inc. (NYSE:NGD)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $3.62, but opened at $3.20. New Gold shares last traded at $3.63, with a volume of 3,884,733 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NGD. Scotiabank increased their price target on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and increased their target price for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. CIBC dropped their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. New Street Research set a $3.90 price target on shares of New Gold in a research note on Wednesday, March 26th. Finally, National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $3.70.

New Gold Stock Down 0.8 %

The stock has a fifty day moving average of $3.06 and a 200-day moving average of $2.88. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 27.62 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Trading of New Gold

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SIH Partners LLLP purchased a new position in shares of New Gold in the fourth quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new position in New Gold during the 4th quarter worth approximately $27,000. DGS Capital Management LLC acquired a new stake in New Gold during the 4th quarter valued at $30,000. Samalin Investment Counsel LLC purchased a new stake in shares of New Gold in the fourth quarter valued at $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of New Gold in the fourth quarter worth $39,000. Institutional investors and hedge funds 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.