New Gold (NYSE:NGD) Shares Down 3.5% – Here’s What Happened

New Gold Inc. (NYSE:NGD) was down 3.5% on Monday . The stock traded as low as $2.70 and last traded at $2.73. Approximately 959,929 shares were traded during trading, a decline of 88% from the average daily volume of 8,228,364 shares. The stock had previously closed at $2.83.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Scotiabank raised their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $3.08.

New Gold Stock Down 6.0 %

The company has a 50-day moving average of $2.86 and a two-hundred day moving average of $2.43. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.10 billion, a P/E ratio of 141.50 and a beta of 1.31.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. On average, research analysts predict that New Gold Inc. will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after acquiring an additional 3,541,882 shares in the last quarter. Dimensional Fund Advisors LP grew its position in New Gold by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock valued at $4,670,000 after acquiring an additional 200,799 shares in the last quarter. Old West Investment Management LLC grew its holdings in New Gold by 42.9% during the 3rd quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock valued at $2,880,000 after purchasing an additional 300,000 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of New Gold by 684.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after acquiring an additional 1,279,500 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in shares of New Gold in the 3rd quarter worth about $592,000. 42.82% of the stock is owned by institutional investors and hedge funds.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.