New Gold (NYSE:NGD) Trading Down 13.6% – Here’s Why

New Gold Inc. (NYSE:NGD)’s share price fell 13.6% during trading on Tuesday . The stock traded as low as $11.52 and last traded at $11.5160. 2,658,625 shares were traded during trading, a decline of 87% from the average session volume of 19,862,697 shares. The stock had previously closed at $13.33.

Wall Street Analyst Weigh In

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

New Gold Stock Down 1.1%

The business has a 50-day simple moving average of $10.88 and a two-hundred day simple moving average of $8.37. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 90.62 and a beta of 0.57. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NGD. Van ECK Associates Corp boosted its holdings in New Gold by 50.7% during the third quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after acquiring an additional 24,495,669 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of New Gold by 89.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after purchasing an additional 13,591,642 shares during the period. Vanguard Group Inc. lifted its position in shares of New Gold by 1,531.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock worth $82,164,000 after purchasing an additional 10,765,902 shares during the last quarter. AQR Arbitrage LLC bought a new stake in New Gold during the 4th quarter valued at approximately $91,721,000. Finally, Soros Fund Management LLC bought a new position in New Gold in the 4th quarter worth approximately $84,417,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Company Profile

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.