New Gold Sees Significant Growth in Short Interest (NGD)
New Gold (NYSE:NGD) saw a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 6,685,382 shares, an increase of 23.1% from the June 13th total of 5,430,833 shares, Analyst Ratings.Net reports. Based on an average daily volume of 3,719,037 shares, the short-interest ratio is presently 1.8 days. Approximately 1.4% of the shares of the company are short sold.
A number of analysts have recently weighed in on NGD shares. Analysts at Jennings Capital upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, May 2nd. They now have a $7.00 price target on the stock. Analysts at Canaccord Genuity upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $6.74.
Shares of New Gold (NYSE:NGD) traded down 0.31% on Thursday, hitting $6.48. 6,789,620 shares of the company’s stock traded hands. New Gold has a 52-week low of $4.68 and a 52-week high of $8.10. The stock’s 50-day moving average is $5.87 and its 200-day moving average is $5.58. The company’s market cap is $3.264 billion.
New Gold (NYSE:NGD) last released its earnings data on Wednesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $190.50 million for the quarter, compared to the consensus estimate of $200.16 million. Analysts expect that New Gold will post $0.14 EPS for the current fiscal year.
New Gold Inc (NYSE:NGD) is an intermediate gold producer with a portfolio of global assets in the United States, Mexico, Australia, Canada, Chile and Brazil.
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