New Gold (NYSE:NGD) Rating Lowered to Hold at StockNews.com

New Gold (NYSE:NGD) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other analysts have also recently weighed in on NGD. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and increased their price target for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Scotiabank reissued an “outperform” rating on shares of New Gold in a research note on Monday, April 14th. National Bank Financial raised New Gold to a “strong-buy” rating in a research note on Friday, March 21st. National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, Raymond James set a $4.00 price objective on shares of New Gold and gave the company a “market perform” rating in a report on Friday, April 4th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $3.85.

New Gold Stock Down 0.8 %

Shares of NGD opened at $3.84 on Thursday. New Gold has a 52-week low of $1.74 and a 52-week high of $3.98. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The stock has a fifty day simple moving average of $3.31 and a two-hundred day simple moving average of $2.96. The company has a market capitalization of $3.04 billion, a PE ratio of 29.54 and a beta of 0.93.

Institutional Trading of New Gold

Several hedge funds have recently made changes to their positions in the business. SIH Partners LLLP acquired a new stake in New Gold during the 4th quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold during the fourth quarter worth $27,000. DGS Capital Management LLC acquired a new stake in shares of New Gold in the fourth quarter valued at $30,000. Samalin Investment Counsel LLC purchased a new position in New Gold in the fourth quarter valued at $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in New Gold during the 4th quarter worth $39,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.