New Gold Inc. (NYSEAMERICAN:NGD) gapped up before the market opened on Thursday . The stock had previously closed at $2.32, but opened at $2.37. New Gold shares last traded at $2.30, with a volume of 3484736 shares changing hands.
A number of equities research analysts recently weighed in on NGD shares. Royal Bank of Canada lowered their price objective on shares of New Gold from $4.25 to $3.75 and set a “sector perform” rating for the company in a research report on Friday, February 2nd. Raymond James Financial lowered their price objective on shares of New Gold from $4.25 to $3.75 and set a “market perform” rating for the company in a research report on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $4.01.
The company has a quick ratio of 1.38, a current ratio of 2.28 and a debt-to-equity ratio of 0.42.
Hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new stake in New Gold during the third quarter valued at approximately $202,000. Paloma Partners Management Co lifted its stake in New Gold by 76.8% during the fourth quarter. Paloma Partners Management Co now owns 80,001 shares of the basic materials company’s stock valued at $263,000 after purchasing an additional 34,753 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in New Gold during the fourth quarter valued at approximately $425,000. Candriam Luxembourg S.C.A. acquired a new stake in New Gold during the fourth quarter valued at approximately $516,000. Finally, Spark Investment Management LLC acquired a new stake in New Gold during the fourth quarter valued at approximately $515,000. 51.53% of the stock is owned by institutional investors and hedge funds.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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