New Gold Inc. (NYSE:NGD – Get Free Report) saw unusually large options trading on Monday. Traders acquired 11,552 call options on the company. This represents an increase of approximately 167% compared to the average daily volume of 4,323 call options.
Analyst Ratings Changes
Separately, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $3.41.
Check Out Our Latest Analysis on NGD
New Gold Stock Performance
Institutional Investors Weigh In On New Gold
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its stake in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares during the last quarter. Eastern Bank acquired a new stake in New Gold in the 3rd quarter worth approximately $33,000. DGS Capital Management LLC purchased a new stake in New Gold during the 4th quarter worth approximately $30,000. NorthCrest Asset Manangement LLC acquired a new position in New Gold during the 3rd quarter valued at approximately $58,000. Finally, Morton Capital Management LLC CA raised its holdings in shares of New Gold by 18.9% in the third quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock worth $91,000 after buying an additional 5,000 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.
New Gold Company Profile
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.
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