Short Interest in New Gold Inc. (NYSE:NGD) Decreases By 27.2%

New Gold Inc. (NYSE:NGD) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totaling 16,230,000 shares, a drop of 27.2% from the September 30th total of 22,290,000 shares. Approximately 2.2% of the company’s shares are sold short. Based on an average daily trading volume, of 16,120,000 shares, the days-to-cover ratio is currently 1.0 days. Based on an average daily trading volume, of 16,120,000 shares, the days-to-cover ratio is currently 1.0 days. Approximately 2.2% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NGD shares. CIBC increased their target price on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Scotiabank increased their price objective on shares of New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. TD Securities reissued a “hold” rating and issued a $7.50 price objective on shares of New Gold in a research note on Thursday, October 30th. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Finally, Raymond James Financial reiterated a “market perform” rating and issued a $7.00 price target on shares of New Gold in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has an average rating of “Moderate Buy” and a consensus price target of $6.63.

Institutional Trading of New Gold

A number of large investors have recently modified their holdings of the company. Invenomic Capital Management LP lifted its position in shares of New Gold by 1.6% in the 1st quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company’s stock worth $12,658,000 after purchasing an additional 52,360 shares during the period. Financial Sense Advisors Inc. bought a new position in New Gold in the first quarter worth approximately $652,000. Allspring Global Investments Holdings LLC lifted its holdings in New Gold by 12.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock worth $13,845,000 after buying an additional 312,000 shares during the period. Foundry Partners LLC purchased a new stake in New Gold during the first quarter worth $3,960,000. Finally, Plato Investment Management Ltd boosted its position in New Gold by 80.4% during the 2nd quarter. Plato Investment Management Ltd now owns 108,318 shares of the company’s stock valued at $535,000 after acquiring an additional 48,264 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Trading Down 8.8%

Shares of NGD opened at $6.64 on Wednesday. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 51.08 and a beta of 0.52. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold has a 1-year low of $2.43 and a 1-year high of $7.71. The company has a 50-day moving average of $6.72 and a 200 day moving average of $5.29.

New Gold Company Profile

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.