New Pacific Metals (NYSEAMERICAN:NEWP) Stock Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $5.07 and traded as high as $5.56. New Pacific Metals shares last traded at $5.54, with a volume of 676,479 shares.

Analyst Ratings Changes

NEWP has been the subject of several recent analyst reports. Roth Capital reiterated a “buy” rating and set a $8.75 price objective on shares of New Pacific Metals in a research note on Thursday, September 17th. BMO Capital Markets restated an “outperform” rating on shares of New Pacific Metals in a research note on Monday, October 19th. Four equities research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $8.75.

New Pacific Metals Stock Up 14.5%

The company has a market cap of $1.03 billion, a price-to-earnings ratio of -184.67 and a beta of 1.02. The company’s fifty day moving average price is $6.16 and its two-hundred day moving average price is $5.07.

Institutional Investors Weigh In On New Pacific Metals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pasadena Private Wealth LLC acquired a new stake in New Pacific Metals during the 2nd quarter valued at $40,000. State of Wyoming acquired a new position in New Pacific Metals in the second quarter worth $85,000. Public Employees Retirement System of Ohio acquired a new position in New Pacific Metals in the second quarter worth $100,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in New Pacific Metals in the second quarter worth $159,000. Finally, BlackRock Inc. bought a new stake in shares of New Pacific Metals during the second quarter worth $275,000. 22.95% of the stock is owned by institutional investors and hedge funds.

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metals projects in Bolivia. The company’s portfolio is centered on silver, with potential for associated gold and other metals.

Its flagship asset is the Silver Sand project in the Potosí Department of Bolivia, a large silver exploration and development project. New Pacific also holds the Carangas project in the Oruro Department and the Silverstrike project in Bolivia, expanding the company’s regional exploration pipeline.

New Pacific Metals has built its business around exploration, resource evaluation, technical studies and permitting rather than producing or selling refined metals.