New Gold (NYSE:NGD) Shares Up 8.1% – Time to Buy?

New Gold Inc. (NYSE:NGD)’s stock price was up 8.1% on Tuesday . The stock traded as high as $2.95 and last traded at $2.94. Approximately 4,366,478 shares were traded during trading, a decline of 47% from the average daily volume of 8,219,719 shares. The stock had previously closed at $2.72.

Analysts Set New Price Targets

Several analysts have weighed in on NGD shares. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank boosted their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $3.41.

New Gold Price Performance

The firm’s fifty day moving average price is $2.80 and its 200 day moving average price is $2.48. The firm has a market capitalization of $2.29 billion, a PE ratio of 145.00 and a beta of 1.32. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, equities analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current year.

Institutional Trading of New Gold

Large investors have recently made changes to their positions in the business. Virtu Financial LLC purchased a new stake in New Gold during the third quarter worth $941,000. Toronto Dominion Bank boosted its holdings in New Gold by 92.6% during the third quarter. Toronto Dominion Bank now owns 110,318 shares of the company’s stock worth $318,000 after buying an additional 53,051 shares in the last quarter. Geode Capital Management LLC boosted its holdings in New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after buying an additional 7,394 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in New Gold during the third quarter worth $704,000. Finally, XTX Topco Ltd boosted its holdings in New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock worth $1,408,000 after buying an additional 365,079 shares in the last quarter. 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.