New Gold (NYSE:NGD) Trading Down 3.5% – Should You Sell?

New Gold Inc. (NYSE:NGD)’s share price was down 3.5% on Wednesday . The company traded as low as $8.84 and last traded at $8.9150. Approximately 1,536,677 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 19,588,328 shares. The stock had previously closed at $9.24.

Analyst Ratings Changes

Several research firms have recently issued reports on NGD. Scotiabank upped their price objective on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. CIBC boosted their target price on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Raymond James Financial reaffirmed a “market perform” rating and issued a $7.00 price target on shares of New Gold in a report on Friday, October 10th. National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Finally, TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $7.38.

New Gold Stock Performance

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 50-day simple moving average of $7.46 and a 200 day simple moving average of $6.19. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 68.35 and a beta of 0.65.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently made changes to their positions in NGD. Employees Retirement System of Texas purchased a new position in shares of New Gold during the second quarter worth about $32,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of New Gold in the 3rd quarter valued at approximately $41,000. MAI Capital Management acquired a new position in shares of New Gold in the third quarter valued at approximately $43,000. SBI Securities Co. Ltd. increased its holdings in shares of New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares during the period. Finally, Wealthspire Advisors LLC purchased a new stake in shares of New Gold during the second quarter worth approximately $50,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.