New Pacific Metals (NYSEAMERICAN:NEWP) Trading Up 6.6% – What’s Next?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares traded up 6.6% during trading on Wednesday . The company traded as high as $6.29 and last traded at $6.3450. 121,431 shares were traded during trading, a decline of 87% from the average daily volume of 937,008 shares. The stock had previously closed at $5.95.

Wall Street Analysts Forecast Growth

Separately, Roth Capital restated a “buy” rating and issued a $7.25 price target on shares of New Pacific Metals in a research report on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, New Pacific Metals presently has a consensus rating of “Buy” and a consensus price target of $7.25.

New Pacific Metals Stock Performance

The company has a market capitalization of $1.08 billion, a PE ratio of -292.50 and a beta of 1.02. The stock’s fifty day simple moving average is $5.53 and its 200-day simple moving average is $5.01.

Institutional Trading of New Pacific Metals

A number of hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new stake in New Pacific Metals in the 2nd quarter worth approximately $100,000. Bank of America Corp DE purchased a new position in shares of New Pacific Metals during the 2nd quarter worth $2,378,000. Legal & General Group Plc acquired a new stake in shares of New Pacific Metals during the second quarter worth $354,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of New Pacific Metals during the second quarter worth $159,000. Finally, Quantbot Technologies LP purchased a new stake in shares of New Pacific Metals in the second quarter valued at $329,000. Institutional investors and hedge funds own 22.95% of the company’s stock.

New Pacific Metals Company Profile

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.