New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares gapped up before the market opened on Wednesday . The stock had previously closed at $6.51, but opened at $6.72. New Pacific Metals shares last traded at $6.85, with a volume of 32,011 shares.

Analysts Set New Price Targets

Separately, Roth Capital reiterated a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Trading Up 0.3%

The business’s fifty day moving average is $5.33 and its 200 day moving average is $4.92. The company has a market cap of $1.24 billion, a P/E ratio of -335.00 and a beta of 1.02.

Institutional Investors Weigh In On New Pacific Metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of New Pacific Metals by 10.5% in the first 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 purchasing an additional 225,931 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in New Pacific Metals by 28.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 270,081 shares of the scientific and technical instruments company’s stock worth $298,000 after acquiring an additional 60,014 shares during the last quarter. Jane Street Group LLC bought a new position in New Pacific Metals in the 2nd quarter worth about $44,000. Bank of America Corp DE raised its holdings in shares of New Pacific Metals by 33.9% in the 2nd quarter. Bank of America Corp DE now owns 64,041 shares of the scientific and technical instruments company’s stock valued at $86,000 after acquiring an additional 16,213 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of New Pacific Metals in the 3rd quarter valued at about $32,000. 22.95% of the stock is currently owned by institutional investors.

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.