New Gold Inc. (NYSE:NGD) Sees Large Growth in Short Interest
New Gold Inc. (NYSE:NGD) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 12,390,594 shares, an increase of 73.3% from the June 15th total of 7,147,880 shares. Currently, 2.2% of the company’s shares are sold short. Based on an average daily volume of 9,022,054 shares, the short-interest ratio is presently 1.4 days.
A number of hedge funds have recently made changes to their positions in NGD. World Asset Management Inc raised its stake in shares of New Gold by 6.8% in the second quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock worth $108,000 after buying an additional 2,162 shares during the last quarter. First Manhattan Co. purchased a new stake in shares of New Gold during the second quarter worth about $135,000. Two Sigma Securities LLC purchased a new stake in shares of New Gold during the first quarter worth about $166,000. AQR Capital Management LLC raised its stake in shares of New Gold by 35.7% in the fourth quarter. AQR Capital Management LLC now owns 47,752 shares of the company’s stock worth $168,000 after buying an additional 12,572 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of New Gold by 13.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 48,063 shares of the company’s stock worth $169,000 after buying an additional 5,600 shares during the last quarter.
New Gold (NYSE:NGD) opened at 3.35 on Monday. The company has a market cap of $1.93 billion and a PE ratio of 34.54. New Gold has a 1-year low of $2.39 and a 1-year high of $6.04. The stock’s 50 day moving average price is $3.05 and its 200-day moving average price is $3.06.
New Gold (NYSE:NGD) last announced its earnings results on Wednesday, July 26th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. The company had revenue of $185.60 million for the quarter, compared to analyst estimates of $181.17 million. New Gold had a return on equity of 6.89% and a net margin of 22.12%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.02) earnings per share. On average, analysts forecast that New Gold will post $0.06 earnings per share for the current year.
A number of research analysts have recently commented on NGD shares. Raymond James Financial, Inc. reaffirmed a “market perform” rating and set a $3.50 target price on shares of New Gold in a research note on Thursday, June 15th. Royal Bank Of Canada set a $4.00 target price on New Gold and gave the company a “hold” rating in a research note on Tuesday, July 18th. TD Securities reaffirmed a “buy” rating and set a $5.00 target price on shares of New Gold in a research note on Friday, April 28th. Zacks Investment Research raised New Gold from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research note on Tuesday, May 23rd. Finally, National Bank Financial raised New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $3.79.
About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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