New Gold (NYSE:NGD) Stock Price Up 5.2% – Time to Buy?

New Gold Inc. (NYSE:NGD)’s stock price shot up 5.2% during trading on Tuesday . The stock traded as high as $2.97 and last traded at $2.94. 1,454,039 shares were traded during trading, a decline of 90% from the average session volume of 14,171,474 shares. The stock had previously closed at $2.79.

Analyst Ratings Changes

A number of research firms recently issued reports on NGD. CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Scotiabank increased their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, New Gold currently has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Stock Up 2.6 %

The company has a market capitalization of $2.50 billion, a PE ratio of 24.32 and a beta of 1.35. The company’s 50 day moving average is $2.84 and its two-hundred day moving average is $2.79. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Hedge Funds Weigh In On New Gold

A number of large investors have recently made changes to their positions in the company. SIH Partners LLLP bought a new stake in New Gold during the 4th quarter valued at about $27,000. Tudor Investment Corp ET AL bought a new stake in New Gold during the fourth quarter valued at about $27,000. DGS Capital Management LLC acquired a new stake in New Gold in the fourth quarter valued at approximately $30,000. Samalin Investment Counsel LLC acquired a new stake in New Gold in the fourth quarter valued at approximately $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in New Gold in the fourth quarter valued at approximately $39,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.