New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – What’s Next?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $6.51, but opened at $6.72. New Pacific Metals shares last traded at $6.85, with a volume of 32,011 shares traded.

Analyst Upgrades and Downgrades

Separately, Roth Capital reiterated a “buy” rating and set a $7.25 price objective on shares of New Pacific Metals in a research report on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $7.25.

New Pacific Metals Stock Performance

The business’s fifty day moving average price is $5.21 and its two-hundred day moving average price is $4.88. The stock has a market capitalization of $1.23 billion, a P/E ratio of -335.15 and a beta of 1.02.

Institutional Trading of New Pacific Metals

A number of large investors have recently modified their holdings of NEWP. Barclays PLC purchased a new stake in shares of New Pacific Metals in the 4th quarter worth approximately $27,000. Pasadena Private Wealth LLC purchased a new stake in New Pacific Metals during the second quarter worth $40,000. Dimensional Fund Advisors LP purchased a new stake in New Pacific Metals during the third quarter worth $32,000. J.W. Cole Advisors Inc. bought a new stake in New Pacific Metals during the 4th quarter valued at $53,000. Finally, Bank of America Corp DE increased its holdings in shares of New Pacific Metals by 33.9% in the 2nd quarter. Bank of America Corp DE now owns 64,041 shares of the scientific and technical instruments company’s stock valued at $86,000 after acquiring an additional 16,213 shares during the period. Hedge funds and other institutional investors 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.