New Gold (NYSEAMERICAN:NGD) Shares Gap Down to $1.75

New Gold Inc. (NYSEAMERICAN:NGD) shares gapped down before the market opened on Monday . The stock had previously closed at $1.75, but opened at $1.69. New Gold shares last traded at $1.73, with a volume of 5,030,425 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NGD. National Bank Financial reiterated a “sector perform spec overwgt” rating on shares of New Gold in a research report on Monday, April 8th. StockNews.com lowered New Gold from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Finally, Scotiabank boosted their price objective on shares of New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $1.64.

New Gold Price Performance

The stock has a market capitalization of $1.19 billion, a PE ratio of -19.16, a P/E/G ratio of 1.16 and a beta of 1.54. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.51.

New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). The firm had revenue of $199.20 million during the quarter. New Gold had a positive return on equity of 5.63% and a negative net margin of 8.20%. On average, research analysts expect that New Gold Inc. will post 0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Citizens Bank & Trust Co. bought a new stake in shares of New Gold in the 3rd quarter worth approximately $61,000. Independent Family Office LLC bought a new stake in New Gold in the fourth quarter worth $123,000. Baader Bank Aktiengesellschaft boosted its holdings in New Gold by 812.7% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the basic materials company’s stock worth $132,000 after acquiring an additional 81,267 shares in the last quarter. Ingalls & Snyder LLC grew its stake in shares of New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the basic materials company’s stock worth $181,000 after acquiring an additional 66,667 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of New Gold during the fourth quarter valued at $206,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.