New Gold (NYSE:NGD) Shares Gap Down – Here’s Why

New Gold Inc. (NYSE:NGD) shares gapped down prior to trading on Friday . The stock had previously closed at $12.10, but opened at $10.40. New Gold shares last traded at $10.9710, with a volume of 3,542,760 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Raymond James Financial reiterated a “market perform” rating and set a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. Scotiabank raised their price target on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday. TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, December 1st. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Finally, CIBC raised their target price on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, New Gold currently has a consensus rating of “Buy” and an average price target of $8.18.

New Gold Stock Performance

The company has a market capitalization of $8.29 billion, a P/E ratio of 81.06 and a beta of 0.62. The stock’s fifty day moving average price is $9.30 and its 200-day moving average price is $7.21. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NGD. Pictet Asset Management Holding SA raised its stake in New Gold by 6.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 145,627 shares of the company’s stock valued at $1,271,000 after acquiring an additional 9,275 shares during the period. Vanguard Group Inc. raised its position in shares of New Gold by 81.2% in the fourth quarter. Vanguard Group Inc. now owns 20,787,033 shares of the company’s stock valued at $181,138,000 after purchasing an additional 9,318,051 shares during the period. Riggs Asset Managment Co. Inc. lifted its stake in shares of New Gold by 2.3% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 362,799 shares of the company’s stock worth $3,160,000 after buying an additional 8,152 shares during the last quarter. Revisor Wealth Management LLC bought a new stake in shares of New Gold during the 4th quarter worth about $146,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in New Gold by 9.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 252,420 shares of the company’s stock valued at $2,202,000 after buying an additional 21,483 shares during the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

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.