New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 6.6% – Time to Sell?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares dropped 6.6% on Wednesday . The company traded as low as $6.38 and last traded at $6.4530. 77,022 shares changed hands during trading, a decline of 92% from the average session volume of 948,295 shares. The stock had previously closed at $6.91.

Analysts Set New Price Targets

Separately, Roth Capital reaffirmed a “buy” rating and issued a $8.75 price objective on shares of New Pacific Metals in a research report on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, New Pacific Metals has a consensus rating of “Buy” and an average price target of $8.75.

New Pacific Metals Trading Down 6.6%

The stock has a market capitalization of $1.20 billion, a PE ratio of -323.25 and a beta of 1.02. The firm has a 50-day moving average price of $5.84 and a 200-day moving average price of $5.06.

Institutional Trading of New Pacific Metals

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

New Pacific Metals Company Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.