Shares of New Gold Inc (NYSEAMERICAN:NGD) gapped up before the market opened on Wednesday . The stock had previously closed at $0.76, but opened at $0.78. New Gold shares last traded at $0.79, with a volume of 5579484 shares changing hands.

A number of analysts have recently weighed in on NGD shares. Credit Suisse Group started coverage on New Gold in a research report on Tuesday, April 16th. They set a “neutral” rating and a $1.00 target price for the company. Zacks Investment Research downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. CIBC restated a “sell” rating and set a $0.60 price objective on shares of New Gold in a research report on Friday, April 5th. GMP Securities restated a “neutral” rating and set a $1.15 price objective on shares of New Gold in a research report on Friday, February 22nd. Finally, Royal Bank of Canada dropped their price objective on New Gold from $1.25 to $1.00 and set an “underperform” rating for the company in a research report on Wednesday, February 27th. Three equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. New Gold currently has a consensus rating of “Hold” and a consensus target price of $1.00.

Hedge funds have recently made changes to their positions in the stock. Financial Counselors Inc. acquired a new position in New Gold in the 1st quarter worth about $51,000. Hsbc Holdings PLC increased its holdings in New Gold by 261.4% in the 1st quarter. Hsbc Holdings PLC now owns 68,796 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 49,762 shares in the last quarter. SG Americas Securities LLC increased its holdings in New Gold by 217.9% in the 1st quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock worth $70,000 after purchasing an additional 55,363 shares in the last quarter. Moors & Cabot Inc. increased its holdings in New Gold by 145.2% in the 1st quarter. Moors & Cabot Inc. now owns 94,400 shares of the basic materials company’s stock worth $80,000 after purchasing an additional 55,900 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in New Gold by 163.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock worth $148,000 after purchasing an additional 118,963 shares in the last quarter. Institutional investors and hedge funds own 51.53% of the company’s stock.

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New Gold Company Profile (NYSEAMERICAN:NGD)

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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