New Pacific Metals (NYSEAMERICAN:NEWP) Stock Falls 8.3% – Here’s What Happened

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) were down 8.3% during trading on Tuesday. The stock traded as low as $5.62 and last traded at $5.60. Approximately 128,143 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 901,972 shares. The stock had previously closed at $6.11.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NEWP shares. BMO Capital Markets reissued an “outperform” rating on shares of New Pacific Metals in a research report on Monday, October 19th. Roth Capital reissued a “buy” rating and issued a $8.75 price objective on shares of New Pacific Metals in a research note on Thursday, September 17th. Four analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.75.

New Pacific Metals Price Performance

The stock has a fifty day moving average price of $6.07 and a two-hundred day moving average price of $5.10. The company has a market cap of $1.04 billion, a P/E ratio of -185.83 and a beta of 1.02.

Institutional Trading of New Pacific Metals

Institutional investors have recently made changes to their positions in the company. Bank of America Corp DE purchased a new stake in shares of New Pacific Metals during the 2nd quarter worth approximately $2,378,000. Renaissance Technologies LLC bought a new stake in shares of New Pacific Metals in the 1st quarter worth approximately $1,493,000. Auxano Advisors LLC purchased a new position in New Pacific Metals in the second quarter valued at approximately $394,000. Legal & General Group Plc purchased a new position in New Pacific Metals in the second quarter valued at approximately $354,000. Finally, Quantbot Technologies LP bought a new position in New Pacific Metals during the second quarter valued at $329,000. Institutional investors own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals is a Canadian mineral exploration and development company focused on discovering and advancing silver and other precious-metals projects in Bolivia. Its work includes exploration, resource evaluation and studies to assess the potential development of its properties. The company’s principal projects include the Silver Sand silver project in the Potosí region and the Carangas silver-gold project in the Oruro region. It also holds the Silverstrike project in Bolivia. New Pacific Metals is focused on advancing its Bolivian projects and does not describe itself as a current producer of silver or gold.