New Gold (NYSE:NGD) Shares Gap Down – Here’s Why

New Gold Inc. (NYSE:NGD)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $12.10, but opened at $10.40. New Gold shares last traded at $10.9710, with a volume of 3,542,760 shares.

Analyst Ratings Changes

NGD has been the subject of several research analyst reports. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Monday, December 1st. Scotiabank lifted their target price on New Gold to $12.75 and gave the company an “outperform” rating in a research report on Monday, January 26th. CIBC increased their price target on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Finally, Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $8.18.

New Gold Trading Down 17.1%

The company has a market cap of $7.94 billion, a price-to-earnings ratio of 77.16 and a beta of 0.62. 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 business’s fifty day simple moving average is $9.37 and its two-hundred day simple moving average is $7.27.

Institutional Trading of New Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in shares of New Gold by 50.7% in the 3rd quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after buying an additional 24,495,669 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in New Gold by 89.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after acquiring an additional 13,591,642 shares during the last quarter. Vanguard Group Inc. boosted its stake in New Gold by 81.2% in the fourth quarter. Vanguard Group Inc. now owns 20,787,033 shares of the company’s stock valued at $181,138,000 after acquiring an additional 9,318,051 shares during the period. American Century Companies Inc. grew its holdings in shares of New Gold by 8.2% during the third quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock valued at $120,985,000 after purchasing an additional 1,272,621 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of New Gold by 16.5% during the third quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock valued at $95,904,000 after purchasing an additional 1,891,468 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.