New Gold Sees Unusually Large Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the target of unusually large options trading on Tuesday. Stock investors acquired 7,078 call options on the stock. This is an increase of approximately 88% compared to the average volume of 3,773 call options.

Institutional Investors Weigh In On New Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in New Gold by 0.3% during the fourth 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 during the last quarter. Oxbow Advisors LLC boosted its position in shares of New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after buying an additional 4,624 shares during the period. Bank of New York Mellon Corp boosted its holdings in New Gold by 11.9% in the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after acquiring an additional 5,331 shares during the period. Captrust Financial Advisors lifted 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 acquiring an additional 6,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 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 acquiring an additional 7,367 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NGD traded down $0.02 during trading hours on Tuesday, reaching $3.35. 15,331,359 shares of the company traded hands, compared to its average volume of 10,118,333. New Gold has a fifty-two week low of $1.52 and a fifty-two week high of $3.48. The stock has a market capitalization of $2.65 billion, a PE ratio of 25.73 and a beta of 1.35. The stock has a fifty day simple moving average of $2.88 and a 200 day simple moving average of $2.80. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. CIBC reduced their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Scotiabank lifted their target price on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $3.60.

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.