New Gold (NYSE:NGD) Shares Gap Down – Time to Sell?

New Gold Inc. (NYSE:NGD)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $3.62, but opened at $3.20. New Gold shares last traded at $3.63, with a volume of 3,884,733 shares changing hands.

Analyst Ratings Changes

NGD has been the subject of several research analyst reports. Scotiabank raised their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. CIBC dropped their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $3.70.

New Gold Stock Performance

The business has a fifty day simple moving average of $3.08 and a two-hundred day simple moving average of $2.88. The company has a market cap of $2.38 billion, a P/E ratio of 23.16 and a beta of 1.35. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its stake in shares of New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Oxbow Advisors LLC grew its holdings in New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after purchasing an additional 4,624 shares during the period. Bank of New York Mellon Corp increased its position in New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after buying an additional 5,331 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of New Gold by 17.6% in the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after buying an additional 6,700 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of New Gold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock valued at $2,258,000 after buying an additional 7,367 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors.

About New Gold

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.