New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – Still a Buy?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $6.51, but opened at $6.72. New Pacific Metals shares last traded at $6.85, with a volume of 32,011 shares traded.

Wall Street Analyst Weigh In

Separately, Roth Capital reiterated a “buy” rating and set a $7.25 price objective on shares of New Pacific Metals in a research note on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.25.

New Pacific Metals Stock Performance

The firm has a 50 day moving average of $5.21 and a two-hundred day moving average of $4.88. The stock has a market cap of $1.23 billion, a P/E ratio of -335.15 and a beta of 1.02.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio bought a new stake in New Pacific Metals in the second quarter worth about $100,000. Bank of America Corp DE bought a new stake in New Pacific Metals during the 2nd quarter worth approximately $2,378,000. Legal & General Group Plc purchased a new position in New Pacific Metals during the second quarter worth about $354,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of New Pacific Metals in the second quarter worth approximately $159,000. Finally, Quantbot Technologies LP bought a new position in New Pacific Metals in the second quarter valued at $329,000. 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.