New Pacific Metals (NYSEAMERICAN:NEWP) Trading 7.4% Higher – Time to Buy?

New Pacific Metals Corp. (NYSEAMERICAN:NEWP)’s share price shot up 7.4% on Wednesday . The company traded as high as $4.63 and last traded at $4.6590. 198,550 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 1,020,534 shares. The stock had previously closed at $4.34.

Wall Street Analyst Weigh In

Separately, Roth Capital reissued a “buy” rating and set a $7.25 target price on shares of New Pacific Metals in a research report on Monday, May 18th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $7.25.

New Pacific Metals Price Performance

The stock has a fifty day moving average price of $4.45 and a two-hundred day moving average price of $4.40. The company has a market cap of $866.78 million, a P/E ratio of -234.75 and a beta of 0.95.

Hedge Funds Weigh In On New Pacific Metals

Hedge funds have recently bought and sold shares of the company. Barclays PLC bought a new stake in shares of New Pacific Metals in the 4th quarter worth $27,000. Dimensional Fund Advisors LP bought a new position in shares of New Pacific Metals during the third quarter valued at about $32,000. Jane Street Group LLC purchased a new position in New Pacific Metals during the second quarter worth about $44,000. Virtu Financial LLC purchased a new position in New Pacific Metals during the third quarter worth about $50,000. Finally, J.W. Cole Advisors Inc. bought a new stake in New Pacific Metals in the 4th quarter worth about $53,000. 22.95% of the stock is owned by hedge funds and other institutional investors.

About New Pacific Metals

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.