New Gold Inc. (NYSEAMERICAN:NGD) Short Interest Update

New Gold Inc. (NYSEAMERICAN:NGD) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 12,010,000 shares, an increase of 44.0% from the August 15th total of 8,340,000 shares. Currently, 1.9% of the shares of the stock are short sold. Based on an average daily volume of 6,000,000 shares, the short-interest ratio is presently 2.0 days.

Several institutional investors and hedge funds have recently modified their holdings of NGD. HC Advisors LLC grew its stake in shares of New Gold by 126.1% in the 1st quarter. HC Advisors LLC now owns 85,700 shares of the basic materials company’s stock valued at $132,000 after buying an additional 47,800 shares during the period. Alberta Investment Management Corp boosted its stake in New Gold by 125.3% during the 1st quarter. Alberta Investment Management Corp now owns 743,300 shares of the basic materials company’s stock valued at $1,147,000 after purchasing an additional 413,400 shares during the last quarter. Versor Investments LP boosted its stake in New Gold by 191.5% during the 1st quarter. Versor Investments LP now owns 142,627 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 93,700 shares during the last quarter. NorthRock Partners LLC boosted its stake in New Gold by 90.4% during the 1st quarter. NorthRock Partners LLC now owns 25,042 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 11,889 shares during the last quarter. Finally, CIBC World Markets Inc. boosted its stake in New Gold by 10.2% during the 1st quarter. CIBC World Markets Inc. now owns 330,952 shares of the basic materials company’s stock valued at $510,000 after purchasing an additional 30,557 shares during the last quarter. Institutional investors own 31.79% of the company’s stock.

NYSEAMERICAN:NGD opened at $1.18 on Tuesday. The company has a quick ratio of 1.70, a current ratio of 2.24 and a debt-to-equity ratio of 0.62. New Gold has a twelve month low of $1.01 and a twelve month high of $2.40. The company has a fifty day moving average of $2.17. The company has a market cap of $803.40 million, a price-to-earnings ratio of -118.00, a P/E/G ratio of 1.18 and a beta of 1.91.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Wednesday, August 11th. The basic materials company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. New Gold had a negative net margin of 0.82% and a positive return on equity of 8.10%. The firm had revenue of $198.20 million during the quarter. Equities research analysts anticipate that New Gold will post 0.21 EPS for the current fiscal year.

NGD has been the topic of several recent research reports. Royal Bank of Canada upgraded shares of New Gold from an “underperform” rating to a “sector perform” rating and cut their target price for the stock from $1.75 to $1.50 in a research report on Wednesday, September 8th. National Bank Financial downgraded shares of New Gold from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, August 11th. TheStreet upgraded shares of New Gold from a “d+” rating to a “c” rating in a research report on Monday, May 24th. Cormark reiterated a “hold” rating on shares of New Gold in a research report on Friday. Finally, Zacks Investment Research downgraded shares of New Gold from a “hold” rating to a “sell” rating in a research report on Thursday, September 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, New Gold presently has an average rating of “Hold” and a consensus target price of $2.13.

About New Gold

New Gold Inc is a gold mining company, which is engaged in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.

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