New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s share price passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $5.12 and traded as low as $5.04. New Pacific Metals shares last traded at $5.06, with a volume of 314,411 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on NEWP shares. BMO Capital Markets reissued an “outperform” rating on shares of New Pacific Metals in a research note on Monday, October 19th. Roth Capital reissued a “buy” rating and issued a $8.75 target price on shares of New Pacific Metals in a report on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $8.75.

New Pacific Metals Trading Down 3.6%

The firm’s 50-day moving average price is $5.97 and its 200 day moving average price is $5.12. The company has a market cap of $939.29 million, a price-to-earnings ratio of -168.67 and a beta of 1.02.

Hedge Funds Weigh In On New Pacific Metals

Hedge funds have recently added to or reduced their stakes in the stock. Pasadena Private Wealth LLC purchased a new stake in shares of New Pacific Metals in the second quarter worth approximately $40,000. State of Wyoming bought a new position in shares of New Pacific Metals in the second quarter valued at approximately $85,000. Public Employees Retirement System of Ohio purchased a new position in shares of New Pacific Metals during the second quarter valued at approximately $100,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of New Pacific Metals during the second quarter valued at approximately $159,000. Finally, BlackRock Inc. purchased a new position in shares of New Pacific Metals during the second quarter valued at approximately $275,000. Institutional investors and hedge funds own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals is a Canadian mineral exploration and development company focused on discovering and advancing silver and other precious-metals projects in Bolivia. Its work includes exploration, resource evaluation and studies to assess the potential development of its properties. The company’s principal projects include the Silver Sand silver project in the Potosí region and the Carangas silver-gold project in the Oruro region. It also holds the Silverstrike project in Bolivia. New Pacific Metals is focused on advancing its Bolivian projects and does not describe itself as a current producer of silver or gold.