New Gold (NYSE:NGD) Reaches New 12-Month High – Here’s What Happened

New Gold Inc. (NYSE:NGD) shares hit a new 52-week high on Monday . The stock traded as high as $13.63 and last traded at $13.41, with a volume of 2154745 shares. The stock had previously closed at $12.85.

Wall Street Analysts Forecast Growth

NGD has been the subject of a number of research reports. Scotiabank reiterated an “outperform” rating and set a $12.75 target price on shares of New Gold in a research report on Monday. CIBC raised their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Monday, December 1st. Raymond James Financial restated a “market perform” rating and set a $7.00 target price on shares of New Gold in a research report on Friday, October 10th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.18.

New Gold Stock Performance

The company has a 50-day moving average of $8.86 and a 200 day moving average of $7.03. The firm has a market capitalization of $9.89 billion, a PE ratio of 96.45 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.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently made changes to their positions in NGD. Campbell & CO Investment Adviser LLC bought a new stake in New Gold in the third quarter worth $1,625,000. Triasima Portfolio Management inc. lifted its position in shares of New Gold by 41.2% in the 3rd quarter. Triasima Portfolio Management inc. now owns 849,586 shares of the company’s stock worth $6,088,000 after purchasing an additional 247,821 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of New Gold by 9.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,033,000 shares of the company’s stock valued at $21,723,000 after buying an additional 250,000 shares during the period. Scotia Capital Inc. increased its position in shares of New Gold by 390.2% during the second quarter. Scotia Capital Inc. now owns 174,019 shares of the company’s stock valued at $857,000 after buying an additional 138,519 shares during the period. Finally, Quantbot Technologies LP raised its stake in New Gold by 493.5% in the second quarter. Quantbot Technologies LP now owns 1,034,473 shares of the company’s stock worth $5,121,000 after buying an additional 860,174 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

About New Gold

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.