New Gold (NYSE:NGD) Shares Gap Up – Time to Buy?

New Gold Inc. (NYSE:NGD)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.77, but opened at $3.86. New Gold shares last traded at $3.87, with a volume of 1,911,803 shares traded.

Analysts Set New Price Targets

A number of analysts have recently commented on NGD shares. Scotiabank reiterated an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Raymond James set a $4.00 target price on New Gold and gave the company a “market perform” rating in a report on Friday, April 4th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, New Gold has an average rating of “Buy” and an average target price of $4.04.

New Gold Stock Performance

The stock has a 50 day simple moving average of $3.57 and a 200 day simple moving average of $3.05. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 31.62 and a beta of 0.54. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Hedge Funds Weigh In On New Gold

Institutional investors have recently made changes to their positions in the business. Cary Street Partners Financial LLC acquired a new stake in New Gold during the first quarter valued at approximately $37,000. SIH Partners LLLP acquired a new stake in shares of New Gold during the 4th quarter valued at approximately $27,000. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold during the 4th quarter valued at approximately $27,000. Nwam LLC acquired a new stake in shares of New Gold during the first quarter worth $45,000. Finally, DGS Capital Management LLC acquired a new stake in shares of New Gold during the fourth quarter worth $30,000. 42.82% of the stock is owned by institutional investors and hedge funds.

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.