New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Down 6.6% – Time to Sell?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares dropped 6.6% during trading on Wednesday . The company traded as low as $6.38 and last traded at $6.4530. 77,022 shares changed hands during trading, a decline of 92% from the average daily volume of 948,295 shares. The stock had previously closed at $6.91.

Analyst Ratings Changes

Separately, Roth Capital reaffirmed a “buy” rating and issued a $8.75 price target on shares of New Pacific Metals in a research note on Thursday, September 17th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $8.75.

New Pacific Metals Trading Down 6.6%

The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -323.25 and a beta of 1.02. The firm’s 50-day moving average is $5.84 and its 200-day moving average is $5.06.

Hedge Funds Weigh In On New Pacific Metals

A number of hedge funds have recently added to or reduced their stakes in NEWP. Pasadena Private Wealth LLC bought a new stake in New Pacific Metals during the second quarter worth $40,000. State of Wyoming bought a new position in New Pacific Metals during the 2nd quarter valued at $85,000. Public Employees Retirement System of Ohio bought a new position in New Pacific Metals during the 2nd quarter valued at $100,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in New Pacific Metals during the 2nd quarter worth $159,000. Finally, BlackRock Inc. purchased a new position in New Pacific Metals during the 2nd quarter worth $275,000. Institutional investors and hedge funds own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.