New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 6.8% – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price traded down 6.8% during mid-day trading on Thursday . The stock traded as low as $4.33 and last traded at $4.2760. 290,680 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 1,068,240 shares. The stock had previously closed at $4.59.

Analysts Set New Price Targets

NEWP has been the subject of several research analyst reports. ATB Cormark Capital Markets assumed coverage on New Pacific Metals in a research report on Friday, February 20th. They set a “moderate buy” rating for the company. Roth Mkm reaffirmed a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Stock Performance

The firm’s 50-day simple moving average is $5.06 and its 200-day simple moving average is $4.27. The company has a market capitalization of $778.72 million, a price-to-earnings ratio of -210.25 and a beta of 0.90.

Hedge Funds Weigh In On New Pacific Metals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Trek Financial LLC bought a new stake in shares of New Pacific Metals in the 4th quarter worth approximately $799,000. Helikon Investments Ltd bought a new position in New Pacific Metals in the fourth quarter worth $8,050,000. Equinox Partners Investment Management LLC lifted its position in New Pacific Metals by 100.1% in the fourth quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock worth $19,781,000 after purchasing an additional 2,829,376 shares during the period. Jupiter Asset Management Ltd. boosted its stake in New Pacific Metals by 5.8% during the fourth quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after buying an additional 722,700 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in New Pacific Metals by 18.1% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,811,587 shares of the scientific and technical instruments company’s stock worth $3,791,000 after buying an additional 429,992 shares in the last quarter. 22.95% of the stock is currently owned by institutional investors.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.