New Pacific Metals (NYSEAMERICAN:NEWP) Trading Down 8.3% – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s share price was down 8.3% during trading on Thursday . The stock traded as low as $5.30 and last traded at $5.4740. Approximately 179,405 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,019,222 shares. The stock had previously closed at $5.97.

Analysts Set New Price Targets

NEWP has been the topic of a number of analyst reports. ATB Cormark Capital Markets initiated coverage on New Pacific Metals in a research report on Friday, February 20th. They set a “moderate buy” rating on the stock. Raymond James Financial reissued an “outperform” rating on shares of New Pacific Metals in a report on Wednesday, January 14th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $6.00 price target (up from $4.25) on shares of New Pacific Metals in a report on Tuesday, February 24th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $6.00.

New Pacific Metals Stock Performance

The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -184.83 and a beta of 0.94. The business has a fifty day simple moving average of $4.81 and a 200-day simple moving average of $3.83.

Institutional Investors Weigh In On New Pacific Metals

Several hedge funds have recently added to or reduced their stakes in NEWP. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in New Pacific Metals by 10.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,381,595 shares of the scientific and technical instruments company’s stock valued at $2,615,000 after acquiring an additional 225,931 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of New Pacific Metals by 28.6% in the first quarter. Goldman Sachs Group Inc. now owns 270,081 shares of the scientific and technical instruments company’s stock worth $298,000 after purchasing an additional 60,014 shares during the last quarter. Jane Street Group LLC acquired a new stake in New Pacific Metals in the second quarter valued at $44,000. Bank of America Corp DE raised its position in New Pacific Metals by 33.9% during the 2nd quarter. Bank of America Corp DE now owns 64,041 shares of the scientific and technical instruments company’s stock worth $86,000 after purchasing an additional 16,213 shares during the last quarter. Finally, Alps Advisors Inc. lifted its holdings in New Pacific Metals by 115.9% during the 3rd quarter. Alps Advisors Inc. now owns 2,026,168 shares of the scientific and technical instruments company’s stock worth $5,491,000 after buying an additional 1,087,750 shares during the period. 22.95% of the stock is currently owned by institutional investors and hedge funds.

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.