New Gold (NYSE:NGD) Stock Price Up 2.1% - Here's What Happened

New Gold Inc. (NYSE:NGD) experienced a rise of 2.1% in its stock price during trading on Monday. The stock reached a high of $3.67 and was last seen trading at $3.68. During mid-day trading, around 2,254,468 shares changed hands, marking a significant drop of 79% compared to the average daily trading volume of 10,696,727 shares. The previous closing price for the stock was $3.60.

Wall Street Analysts Forecast Growth

A variety of analysts have weighed in on New Gold's stock performance. Recently, CIBC lowered their price target for New Gold from $3.60 to $3.40 but maintained an "outperform" rating. On the other hand, Bank of America upgraded New Gold from "underperform" to a "buy" rating, increasing their price target significantly from $2.60 to $3.90. Additionally, National Bank Financial has classified New Gold as a "strong-buy." In a positive trend, Scotiabank also raised their target price on New Gold from $3.50 to $4.00 and assigned a "sector outperform" rating. Currently, one analyst rates the stock as a hold, six giving it a buy rating, and two labeling it a strong buy. According to MarketBeat.com, the consensus rating for New Gold is "Buy" with an average target price of $3.66.

New Gold Price Performance

The company boasts a market capitalization of $2.92 billion, with a price-to-earnings (P/E) ratio of 28.35 and a beta of 1.35. New Gold's financial indicators show a debt-to-equity ratio of 0.38, a quick ratio of 0.84, and a current ratio of 1.39. In terms of stock performance, the fifty-day moving average is at $3.01, while the 200-day moving average sits at $2.86.

Institutional Trading of New Gold

Numerous hedge funds have recently adjusted their stakes in New Gold. Notably, Hillsdale Investment Management Inc. increased its holdings by 97.1% in the last quarter, owning 9,482,782 shares valued at approximately $23.7 million after adding 4,671,399 shares. Dimensional Fund Advisors LP also raised their investment by 97.3%, possessing 5,944,585 shares worth around $14.7 million post-acquisition of 2,931,470 shares. Furthermore, Nokomis Capital L.L.C. grew its holdings by 203.8%, benefitting from an additional purchase of 2,782,296 shares to hold 4,147,296 shares valued at $10.3 million. Meanwhile, BNP Paribas Financial Markets saw a striking increase of 9,360.7% in their stake during the third quarter, now owning 2,692,614 shares with an approximate value of $7.8 million. Lastly, Renaissance Technologies LLC lifted its shares by 11.6%, now holding 25,146,246 shares worth around $62.4 million. Overall, 42.82% of New Gold's stock is held by hedge funds and institutional investors.

About New Gold

New Gold Inc. is an intermediate gold mining company engaged in the development and operation of mineral properties within Canada. The company primarily explores for deposits of gold, silver, and copper. Its key operational properties include a 100% interest in the Rainy River mine located in Northwestern Ontario, Canada, and the New Afton project in South-Central British Columbia.

Stock, Trading, Analyst