New Gold (TSE:NGD) Trading Up 3.7% – Should You Buy?

New Gold Inc. (TSE:NGD) (ARCA:NGD) shot up 3.7% during mid-day trading on Wednesday . The stock traded as high as C$4.53 and last traded at C$4.43. 839,068 shares were traded during mid-day trading, a decline of 52% from the average session volume of 1,750,109 shares. The stock had previously closed at C$4.27.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and lifted their target price for the stock from C$3.65 to C$5.45 in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$4.34.

New Gold Trading Up 7.0 %

The company’s fifty day moving average is C$4.41 and its 200-day moving average is C$4.08. The company has a current ratio of 1.42, a quick ratio of 1.64 and a debt-to-equity ratio of 45.12. The firm has a market capitalization of C$2.51 billion, a P/E ratio of 125.06, a P/E/G ratio of -3.02 and a beta of 1.59.

Insider Buying and Selling at New Gold

In other news, Senior Officer Keith Murphy sold 41,863 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total value of C$179,592.27. Corporate insiders own 4.92% of the company’s stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.