New Gold (NYSE:NGD) Trading 10.1% Higher – Time to Buy?

New Gold Inc. (NYSE:NGD)’s stock price was up 10.1% during trading on Friday . The stock traded as high as $10.40 and last traded at $10.3780. Approximately 2,495,335 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 22,051,588 shares. The stock had previously closed at $9.43.

Analyst Ratings Changes

Several brokerages recently issued reports on NGD. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Scotiabank boosted their price target on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.18.

New Gold Stock Up 12.1%

The company’s fifty day simple moving average is $9.61 and its 200-day simple moving average is $7.47. The firm has a market capitalization of $8.37 billion, a PE ratio of 81.31 and a beta of 0.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in shares of New Gold by 40.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock worth $41,000 after acquiring an additional 1,343 shares during the last quarter. Rathbones Group PLC grew its position in New Gold by 20.4% during the 4th quarter. Rathbones Group PLC now owns 21,068 shares of the company’s stock worth $184,000 after purchasing an additional 3,568 shares during the last quarter. ProShare Advisors LLC acquired a new position in New Gold during the 4th quarter valued at approximately $363,000. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of New Gold in the fourth quarter worth $8,345,000. Finally, Gabelli Funds LLC acquired a new stake in shares of New Gold during the fourth quarter worth $8,657,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.