New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 3.6% – What’s Next?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price traded down 3.6% during mid-day trading on Friday . The company traded as low as $6.60 and last traded at $6.60. Approximately 207,698 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 958,662 shares. The stock had previously closed at $6.85.

Analyst Upgrades and Downgrades

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

New Pacific Metals Trading Down 4.1%

The company has a market cap of $1.22 billion, a price-to-earnings ratio of -328.50 and a beta of 0.95. The company has a fifty day moving average price of $4.82 and a two-hundred day moving average price of $4.69.

Hedge Funds Weigh In On New Pacific Metals

Hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio acquired a new stake in shares of New Pacific Metals during the 2nd quarter valued at about $100,000. Bank of America Corp DE acquired a new stake in New Pacific Metals during the second quarter valued at approximately $2,378,000. Legal & General Group Plc acquired a new stake in New Pacific Metals during the second quarter valued at approximately $354,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of New Pacific Metals in the 2nd quarter worth approximately $159,000. Finally, Quantbot Technologies LP bought a new position in shares of New Pacific Metals during the 2nd quarter worth approximately $329,000. Institutional investors and hedge funds own 22.95% of the company’s stock.

New Pacific Metals Company Profile

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.