New Pacific Metals (NYSEAMERICAN:NEWP) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.01 and traded as high as $5.09. New Pacific Metals shares last traded at $4.93, with a volume of 821,670 shares traded.

Wall Street Analysts Forecast Growth

NEWP has been the subject of several recent research reports. Roth Mkm reiterated a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a research note on Monday, May 18th. ATB Cormark Capital Markets initiated coverage on shares of New Pacific Metals in a research note on Friday, February 20th. They issued a “moderate buy” rating for the company. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $7.25.

New Pacific Metals Price Performance

The firm’s 50 day moving average is $4.83 and its 200 day moving average is $4.01. The company has a market cap of $910.82 million, a PE ratio of -246.50 and a beta of 0.94.

Hedge Funds Weigh In On New Pacific Metals

Several hedge funds have recently bought and sold shares of the company. Jupiter Asset Management Ltd. grew its stake in New Pacific Metals by 5.8% during the fourth quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock valued at $46,141,000 after acquiring an additional 722,700 shares in the last quarter. Equinox Partners Investment Management LLC grew its stake in New Pacific Metals by 18.5% during the first quarter. Equinox Partners Investment Management LLC now owns 6,700,045 shares of the scientific and technical instruments company’s stock valued at $27,781,000 after acquiring an additional 1,044,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in New Pacific Metals by 42.0% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,992,253 shares of the scientific and technical instruments company’s stock valued at $10,788,000 after acquiring an additional 1,180,666 shares in the last quarter. Alps Advisors Inc. grew its stake in New Pacific Metals by 42.1% during the fourth quarter. Alps Advisors Inc. now owns 2,878,543 shares of the scientific and technical instruments company’s stock valued at $10,104,000 after acquiring an additional 852,375 shares in the last quarter. Finally, Helikon Investments Ltd purchased a new position in New Pacific Metals during the fourth quarter valued at approximately $8,050,000. Hedge funds and other institutional investors own 22.95% of the company’s stock.

New Pacific Metals Company Profile

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.