New Gold (NYSE:NGD) Trading Up 7.1% – Here’s What Happened

New Gold Inc. (NYSE:NGD) rose 7.1% during mid-day trading on Monday . The company traded as high as $10.68 and last traded at $10.7130. Approximately 2,163,376 shares traded hands during trading, a decline of 84% from the average daily volume of 13,733,323 shares. The stock had previously closed at $10.00.

Wall Street Analysts Forecast Growth

NGD has been the subject of several analyst reports. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Raymond James Financial reaffirmed a “market perform” rating and issued a $7.00 price target on shares of New Gold in a research note on Friday, October 10th. TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Monday, December 1st. CIBC boosted their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. Finally, Scotiabank upped their target price on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $7.38.

New Gold Stock Down 0.9%

The company has a market capitalization of $8.04 billion, a PE ratio of 78.16 and a beta of 0.62. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The business has a fifty day moving average of $8.26 and a 200 day moving average of $6.69.

Hedge Funds Weigh In On New Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC acquired a new stake in shares of New Gold in the fourth quarter valued at $34,000. Wealth Enhancement Advisory Services LLC purchased a new stake in New Gold during the 3rd quarter worth about $41,000. MAI Capital Management acquired a new stake in New Gold in the 3rd quarter valued at about $43,000. Employees Retirement System of Texas purchased a new position in shares of New Gold in the 2nd quarter valued at about $32,000. Finally, Global Retirement Partners LLC grew its position in shares of New Gold by 190.7% during the third quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock worth $50,000 after buying an additional 4,612 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.