New Gold (NYSE:NGD) Trading Up 7.1% – Here’s Why

New Gold Inc. (NYSE:NGD) was up 7.1% during mid-day trading on Thursday . The company traded as high as $12.20 and last traded at $12.0140. Approximately 5,081,946 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 21,465,227 shares. The stock had previously closed at $11.22.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. National Bank Financial reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Scotiabank boosted their target price on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, December 1st. Finally, Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, New Gold currently has an average rating of “Buy” and a consensus target price of $8.18.

New Gold Trading Up 4.6%

The stock has a fifty day moving average of $10.13 and a 200-day moving average of $7.84. The company has a market cap of $9.29 billion, a PE ratio of 90.71 and a beta of 0.59. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NGD. Employees Retirement System of Texas purchased a new stake in shares of New Gold during the second quarter valued at about $32,000. Aventura Private Wealth LLC purchased a new position in New Gold in the fourth quarter worth $34,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of New Gold during the third quarter worth $41,000. EverSource Wealth Advisors LLC increased its position in shares of New Gold by 40.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock worth $41,000 after purchasing an additional 1,343 shares in the last quarter. Finally, MAI Capital Management purchased a new stake in shares of New Gold during the 3rd quarter valued at $43,000. Institutional investors own 42.82% of the company’s stock.

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.