New Gold (NYSEAMERICAN:NGD) Shares Gap Up to $0.86

New Gold Inc. (NYSEAMERICAN:NGD – Get Rating)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $0.86, but opened at $0.90. New Gold shares last traded at $0.85, with a volume of 2,016,138 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently commented on NGD shares. TD Securities reduced their price objective on shares of New Gold from $0.95 to $0.90 and set a “reduce” rating for the company in a research report on Friday, February 17th. TheStreet downgraded shares of New Gold from a “c” rating to a “d” rating in a research report on Tuesday, February 21st. National Bank Financial raised their price objective on shares of New Gold from C$1.60 to C$1.75 in a research report on Friday, January 13th. Finally, Scotiabank began coverage on shares of New Gold in a research report on Friday, March 3rd. They set a “sector perform” rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, New Gold has a consensus rating of “Hold” and a consensus price target of $1.48.

New Gold Stock Performance

The company has a market capitalization of $572.37 million, a P/E ratio of -8.38, a price-to-earnings-growth ratio of 2.20 and a beta of 1.49. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.20 and a quick ratio of 1.53.

New Gold (NYSEAMERICAN:NGD – Get Rating) last released its earnings results on Thursday, February 16th. The basic materials company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $162.80 million for the quarter. New Gold had a negative return on equity of 2.67% and a negative net margin of 11.05%. On average, research analysts predict that New Gold Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Gold

Large investors have recently added to or reduced their stakes in the company. Boenning & Scattergood Inc. purchased a new position in New Gold during the 4th quarter valued at about $26,000. Virtu Financial LLC purchased a new position in New Gold during the 1st quarter valued at about $33,000. Citigroup Inc. grew its holdings in New Gold by 127.1% during the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock valued at $41,000 after buying an additional 12,707 shares in the last quarter. Bluefin Capital Management LLC purchased a new position in New Gold during the 3rd quarter valued at about $26,000. Finally, Commonwealth Equity Services LLC purchased a new position in New Gold during the 3rd quarter valued at about $25,000. Hedge funds and other institutional investors own 31.92% of the company’s stock.

New Gold Company Profile

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New Gold, Inc is a gold mining company, which engages in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.