New Gold (NYSE:NGD) Trading Up 7.1% – Here’s What Happened

New Gold Inc. (NYSE:NGD) shares traded up 7.1% on Thursday . The stock traded as high as $12.20 and last traded at $12.0140. 5,081,946 shares were traded during trading, a decline of 76% from the average session volume of 21,465,227 shares. The stock had previously closed at $11.22.

Analyst Upgrades and Downgrades

NGD has been the subject of several recent research reports. Scotiabank upped their target price on New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. National Bank Financial reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Zacks Research upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. Finally, TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $8.18.

New Gold Stock Performance

The firm’s 50-day moving average price is $10.27 and its two-hundred day moving average price is $7.93. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $9.68 billion, a PE ratio of 94.01 and a beta of 0.59.

Hedge Funds Weigh In On New Gold

A number of large investors have recently made changes to their positions in the business. Mcguire Capital Advisors Inc. purchased a new stake in shares of New Gold during the fourth quarter worth $27,000. Alberta Investment Management Corp grew its position in New Gold by 291.7% in the fourth quarter. Alberta Investment Management Corp now owns 1,880,000 shares of the company’s stock worth $16,377,000 after acquiring an additional 1,400,000 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of New Gold during the 4th quarter worth $443,000. Vident Advisory LLC raised its holdings in shares of New Gold by 815.5% during the 4th quarter. Vident Advisory LLC now owns 104,442 shares of the company’s stock valued at $910,000 after purchasing an additional 93,034 shares in the last quarter. Finally, CTC Alternative Strategies Ltd. acquired a new stake in shares of New Gold in the 4th quarter valued at $111,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.