New Pacific Metals (NYSEAMERICAN:NEWP) Shares Down 6.4% – Here’s What Happened

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) was down 6.4% during trading on Tuesday . The stock traded as low as $5.52 and last traded at $5.4950. Approximately 227,360 shares traded hands during trading, a decline of 76% from the average session volume of 936,367 shares. The stock had previously closed at $5.87.

Wall Street Analysts Forecast Growth

Separately, Roth Capital restated a “buy” rating and issued a $7.25 price target on shares of New Pacific Metals in a research note on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.25.

New Pacific Metals Trading Down 5.5%

The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -276.75 and a beta of 1.02. The company’s 50 day moving average is $5.59 and its 200-day moving average is $5.03.

Institutional Trading of New Pacific Metals

Hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio bought a new position in shares of New Pacific Metals during the 2nd quarter worth approximately $100,000. Bank of America Corp DE bought a new stake in New Pacific Metals in the 2nd quarter valued at $2,378,000. Legal & General Group Plc acquired a new stake in New Pacific Metals during the 2nd quarter valued at $354,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in New Pacific Metals during the 2nd quarter valued at $159,000. Finally, Quantbot Technologies LP bought a new position in New Pacific Metals during the second quarter worth $329,000. 22.95% of the stock is owned by institutional investors and hedge funds.

New Pacific Metals Company Profile

New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on advancing silver properties in Bolivia. Its principal project is the Silver Sand silver project in the Potosí Department, a region with a long history of silver mining.

The company is also advancing the Carangas silver-gold project in western Bolivia and the Silverstrike project in the La Paz Department. Its activities include geological exploration, drilling, resource evaluation, technical studies and permitting intended to assess the potential development of these properties.

New Pacific Metals is headquartered in Vancouver, British Columbia, and its shares trade on the NYSE American under the symbol NEWP.