149,772 Shares in New Gold Inc. $NGD Purchased by Navellier & Associates Inc.

Navellier & Associates Inc. bought a new stake in shares of New Gold Inc. (NYSE:NGD) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 149,772 shares of the company’s stock, valued at approximately $1,075,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Employees Retirement System of Texas acquired a new stake in shares of New Gold in the second quarter worth approximately $32,000. Wealth Enhancement Advisory Services LLC purchased a new position in New Gold in the 3rd quarter valued at $41,000. SBI Securities Co. Ltd. lifted 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 in the last quarter. Wealthspire Advisors LLC acquired a new stake in New Gold during the 2nd quarter worth $50,000. Finally, Global Retirement Partners LLC grew its holdings 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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on NGD shares. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday, December 1st. Scotiabank increased their price objective on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Finally, National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $8.18.

New Gold Price Performance

New Gold stock opened at $11.32 on Wednesday. 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 company has a 50-day moving average price of $9.74 and a 200 day moving average price of $7.58. New Gold Inc. has a 12-month low of $2.60 and a 12-month high of $13.63. The stock has a market cap of $8.96 billion, a P/E ratio of 87.08 and a beta of 0.59.

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.