New Gold (NYSE:NGD) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of New Gold Inc. (NYSE:NGD) saw unusually-high trading volume on Monday . Approximately 15,946,419 shares changed hands during mid-day trading, an increase of 53% from the previous session’s volume of 10,416,832 shares.The stock last traded at $2.90 and had previously closed at $3.02.

Analyst Ratings Changes

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, New Gold presently has an average rating of “Buy” and an average price target of $3.41.

New Gold Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $2.72 and its 200 day moving average is $2.67. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 144.50 and a beta of 1.36.

Institutional Investors Weigh In On New Gold

A number of large investors have recently bought and sold shares of NGD. Allworth Financial LP boosted its stake in shares of New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares in the last quarter. Eastern Bank bought a new position in New Gold in the 3rd quarter valued at approximately $33,000. DGS Capital Management LLC bought a new position in New Gold in the 4th quarter valued at approximately $30,000. NorthCrest Asset Manangement LLC bought a new position in New Gold in the 3rd quarter valued at approximately $58,000. Finally, Morton Capital Management LLC CA raised its holdings in New Gold by 18.9% in the 3rd quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock valued at $91,000 after buying an additional 5,000 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.