New Gold Inc. (NGD) Short Interest Up 15.5% in October
New Gold Inc. (NYSE:NGD) (TSE:NGD) saw a large growth in short interest during the month of October. As of October 13th, there was short interest totalling 5,959,669 shares, a growth of 15.5% from the September 29th total of 5,159,259 shares. Currently, 1.1% of the shares of the stock are short sold. Based on an average trading volume of 3,192,206 shares, the days-to-cover ratio is currently 1.9 days.
New Gold (NYSE:NGD) traded down 1.10% during mid-day trading on Tuesday, reaching $3.59. The company’s stock had a trading volume of 2,891,787 shares. The company has a market cap of $2.07 billion and a price-to-earnings ratio of 37.01. The stock’s 50 day moving average is $3.80 and its 200 day moving average is $3.29. New Gold has a 12 month low of $2.39 and a 12 month high of $4.52.
New Gold (NYSE:NGD) (TSE:NGD) last issued its earnings results on Wednesday, July 26th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.02. New Gold had a return on equity of 4.03% and a net margin of 12.45%. The firm had revenue of $185.60 million for the quarter, compared to analysts’ expectations of $181.17 million. During the same quarter last year, the business earned ($0.02) earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that New Gold will post $0.06 EPS for the current year.
A number of equities research analysts have weighed in on NGD shares. Royal Bank Of Canada set a $4.00 price target on shares of New Gold and gave the company a “hold” rating in a report on Tuesday, July 18th. Canaccord Genuity upgraded New Gold from a “hold” rating to a “buy” rating in a report on Friday. Credit Suisse Group boosted their price objective on New Gold from $3.00 to $3.30 and gave the stock a “neutral” rating in a report on Friday, September 29th. National Bank Financial upgraded New Gold from a “sector perform” rating to an “outperform” rating in a report on Monday, July 24th. Finally, Zacks Investment Research downgraded New Gold from a “hold” rating to a “sell” rating in a report on Saturday, July 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $4.12.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank boosted its holdings in New Gold by 1.9% during the second quarter. Comerica Bank now owns 64,507 shares of the company’s stock worth $197,000 after buying an additional 1,179 shares during the last quarter. Advisor Group Inc. boosted its holdings in New Gold by 4.5% during the second quarter. Advisor Group Inc. now owns 46,794 shares of the company’s stock worth $149,000 after buying an additional 2,000 shares during the last quarter. World Asset Management Inc boosted its holdings in New Gold by 6.8% during the second quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock worth $108,000 after buying an additional 2,162 shares during the last quarter. Essex Investment Management Co. LLC boosted its holdings in New Gold by 0.7% during the second quarter. Essex Investment Management Co. LLC now owns 412,800 shares of the company’s stock worth $1,313,000 after buying an additional 2,800 shares during the last quarter. Finally, Aperio Group LLC boosted its holdings in New Gold by 2.8% during the second quarter. Aperio Group LLC now owns 109,493 shares of the company’s stock worth $348,000 after buying an additional 2,992 shares during the last quarter.
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New Gold Company Profile
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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