New Gold Inc. (NYSEAMERICAN:NGD – Get Rating) saw a large growth in short interest in April. As of April 30th, there was short interest totalling 4,060,000 shares, a growth of 77.3% from the April 15th total of 2,290,000 shares. Based on an average daily trading volume, of 7,720,000 shares, the short-interest ratio is presently 0.5 days. Approximately 0.7% of the shares of the stock are sold short.
A number of research firms have recently commented on NGD. TheStreet raised New Gold from a “c-” rating to a “b” rating in a research note on Friday, March 25th. Zacks Investment Research raised New Gold from a “sell” rating to a “hold” rating in a research report on Wednesday, May 4th. Canaccord Genuity Group lowered New Gold from a “buy” rating to a “hold” rating in a research report on Tuesday, January 18th. National Bank Financial cut their target price on New Gold from C$2.75 to C$2.50 in a research report on Wednesday, April 20th. Finally, TD Securities cut their target price on New Gold from $2.00 to $1.75 and set a “hold” rating on the stock in a research report on Tuesday, May 3rd. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.25.
Shares of NYSEAMERICAN NGD opened at $1.26 on Friday. The company has a current ratio of 2.38, a quick ratio of 1.68 and a debt-to-equity ratio of 0.61. New Gold has a one year low of $1.01 and a one year high of $2.23. The stock has a market capitalization of $858.76 million, a price-to-earnings ratio of -25.20, a PEG ratio of 1.21 and a beta of 1.99.
Hedge funds and other institutional investors have recently modified their holdings of the business. Bridgewater Associates LP lifted its position in shares of New Gold by 143.0% in the first quarter. Bridgewater Associates LP now owns 154,471 shares of the basic materials company’s stock worth $281,000 after buying an additional 90,908 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of New Gold by 9.1% in the first quarter. Mackenzie Financial Corp now owns 1,293,378 shares of the basic materials company’s stock worth $2,352,000 after buying an additional 107,492 shares during the last quarter. Mudita Advisors LLP lifted its position in shares of New Gold by 18.1% in the first quarter. Mudita Advisors LLP now owns 3,917,794 shares of the basic materials company’s stock worth $7,052,000 after buying an additional 600,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of New Gold by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 806,010 shares of the basic materials company’s stock worth $1,451,000 after buying an additional 13,914 shares during the last quarter. Finally, Cibc World Market Inc. lifted its position in shares of New Gold by 47.4% during the 1st quarter. Cibc World Market Inc. now owns 498,214 shares of the basic materials company’s stock worth $897,000 after purchasing an additional 160,141 shares during the last quarter. Hedge funds and other institutional investors own 30.03% of the company’s stock.
New Gold Company Profile (Get Rating)
New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; and New Afton mine situated in British Columbia, Canada.
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