New Gold (NYSE:NGD) Reaches New 52-Week High – Still a Buy?

New Gold Inc. (NYSE:NGD) hit a new 52-week high during trading on Monday . The stock traded as high as $13.63 and last traded at $13.41, with a volume of 2154745 shares. The stock had previously closed at $12.85.

Analysts Set New Price Targets

Several research firms have commented on NGD. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Monday, December 1st. 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. National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Scotiabank raised their price objective on New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday. Finally, CIBC upped their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. One investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $8.18.

New Gold Trading Down 0.1%

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 stock has a market capitalization of $9.95 billion, a price-to-earnings ratio of 96.70 and a beta of 0.62. The company’s 50-day moving average is $9.08 and its 200-day moving average is $7.14.

Institutional Trading of New Gold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Employees Retirement System of Texas purchased a new position in New Gold during the second quarter worth about $32,000. Aventura Private Wealth LLC acquired a new position in shares of New Gold in the 4th quarter worth approximately $34,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of New Gold during the 3rd quarter worth approximately $41,000. MAI Capital Management acquired a new stake in New Gold in the 3rd quarter valued at approximately $43,000. Finally, SBI Securities Co. Ltd. increased its holdings in New Gold by 1,837.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.