New Gold (TSE:NGD) Sets New 52-Week High – Here’s What Happened

New Gold Inc. (TSE:NGD) (ARCA:NGD) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$6.81 and last traded at C$6.69, with a volume of 560368 shares. The stock had previously closed at C$6.58.

Analysts Set New Price Targets

NGD has been the subject of several research analyst reports. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and lifted their target price for the company from C$3.65 to C$5.45 in a report on Wednesday, March 26th. Three equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$4.68.

New Gold Stock Performance

The company has a market capitalization of C$3.67 billion, a PE ratio of 182.53, a price-to-earnings-growth ratio of -3.02 and a beta of 1.59. The business’s fifty day moving average is C$5.74 and its two-hundred day moving average is C$4.73. The company has a current ratio of 1.42, a quick ratio of 1.64 and a debt-to-equity ratio of 45.12.

Insider Activity

In other New Gold news, Senior Officer Ankit Shah sold 42,699 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of C$5.67, for a total transaction of C$242,103.33. Also, Senior Officer Sean William Keating sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of C$6.26, for a total value of C$156,500.00. Insiders have sold a total of 116,747 shares of company stock worth $663,463 over the last three months. Corporate insiders own 4.92% of the company’s stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.