New Pacific Metals (NYSEAMERICAN:NEWP) Trading 8.3% Higher – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price was up 8.3% during trading on Thursday . The stock traded as high as $4.41 and last traded at $4.3410. 79,953 shares were traded during trading, a decline of 92% from the average daily volume of 1,065,103 shares. The stock had previously closed at $4.01.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm restated a “buy” rating and issued a $7.25 price objective on shares of New Pacific Metals in a report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, New Pacific Metals presently has a consensus rating of “Buy” and an average price target of $7.25.

New Pacific Metals Trading Up 6.1%

The company has a 50 day moving average of $4.86 and a 200 day moving average of $4.36. The firm has a market cap of $787.76 million, a price-to-earnings ratio of -212.45 and a beta of 0.95.

Institutional Investors Weigh In On New Pacific Metals

A number of hedge funds have recently modified their holdings of the business. Barclays PLC bought a new position in shares of New Pacific Metals during the 4th quarter valued at about $27,000. Dimensional Fund Advisors LP acquired a new stake in New Pacific Metals during the 3rd quarter worth approximately $32,000. Jane Street Group LLC acquired a new stake in New Pacific Metals during the 2nd quarter worth approximately $44,000. Virtu Financial LLC bought a new position in New Pacific Metals in the third quarter valued at approximately $50,000. Finally, J.W. Cole Advisors Inc. bought a new position in New Pacific Metals in the fourth quarter valued at approximately $53,000. Institutional investors and hedge funds own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.