New Pacific Metals (NYSEAMERICAN:NEWP) Trading 9.4% Higher – Still a Buy?

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) traded up 9.4% on Wednesday . The stock traded as high as $5.76 and last traded at $5.73. 208,996 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 982,691 shares. The stock had previously closed at $5.24.

Analysts Set New Price Targets

Separately, Roth Capital reaffirmed a “buy” rating and issued a $7.25 price objective on shares of New Pacific Metals in a research report on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Price Performance

The company has a market capitalization of $1.15 billion, a P/E ratio of -311.00 and a beta of 0.95. The firm’s 50-day moving average is $4.40 and its 200-day moving average is $4.51.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NEWP. Jupiter Asset Management Ltd. increased its holdings in New Pacific Metals by 5.8% in the 4th quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after acquiring an additional 722,700 shares in the last quarter. Equinox Partners Investment Management LLC boosted its holdings in New Pacific Metals by 18.5% in the 1st quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company’s stock worth $27,781,000 after buying an additional 1,044,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in New Pacific Metals by 42.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,992,253 shares of the scientific and technical instruments company’s stock worth $10,788,000 after buying an additional 1,180,666 shares in the last quarter. Alps Advisors Inc. raised its holdings in New Pacific Metals by 42.1% during the fourth quarter. Alps Advisors Inc. now owns 2,878,543 shares of the scientific and technical instruments company’s stock valued at $10,104,000 after acquiring an additional 852,375 shares during the period. Finally, Helikon Investments Ltd bought a new stake in New Pacific Metals during the fourth quarter valued at about $8,050,000. Institutional investors own 22.95% of the company’s stock.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.