New Pacific Metals (NYSEAMERICAN:NEWP) Shares Break Above 200 Day Moving Average – Here’s Why

Shares of New Pacific Metals Corp. (NYSEAMERICAN:NEWP) crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $5.07 and traded as high as $5.56. New Pacific Metals shares last traded at $5.54, with a volume of 676,479 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have commented on NEWP. BMO Capital Markets reaffirmed an “outperform” rating on shares of New Pacific Metals in a report on Monday, October 19th. Roth Capital reiterated a “buy” rating and issued a $8.75 target price on shares of New Pacific Metals in a research note on Thursday, September 17th. Four investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.75.

New Pacific Metals Stock Up 14.5%

The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -184.67 and a beta of 1.02. The stock’s 50 day moving average is $6.16 and its 200 day moving average is $5.07.

Institutional Trading of New Pacific Metals

A number of large investors have recently added to or reduced their stakes in NEWP. Bank of America Corp DE purchased a new stake in New Pacific Metals in the 2nd quarter worth about $2,378,000. Renaissance Technologies LLC bought a new position in New Pacific Metals during the first quarter valued at about $1,493,000. Auxano Advisors LLC bought a new stake in New Pacific Metals during the second quarter worth approximately $394,000. Legal & General Group Plc acquired a new position in New Pacific Metals in the 2nd quarter valued at $354,000. Finally, Quantbot Technologies LP bought a new position in shares of New Pacific Metals in the second quarter worth about $329,000. 22.95% of the stock is currently owned by institutional investors.

About New Pacific Metals

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metals projects in Bolivia. The company’s portfolio is centered on silver, with potential for associated gold and other metals.

Its flagship asset is the Silver Sand project in the Potosí Department of Bolivia, a large silver exploration and development project. New Pacific also holds the Carangas project in the Oruro Department and the Silverstrike project in Bolivia, expanding the company’s regional exploration pipeline.

New Pacific Metals has built its business around exploration, resource evaluation, technical studies and permitting rather than producing or selling refined metals.