New Gold (NYSE:NGD) Stock Price Expected to Rise, Scotiabank Analyst Says

New Gold (NYSE:NGD) had its target price boosted by Scotiabank from $3.50 to $4.00 in a research note issued to investors on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Trading Up 1.0 %

NYSE:NGD opened at $3.03 on Thursday. The company has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.72. New Gold has a 12 month low of $1.09 and a 12 month high of $3.25. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 151.50 and a beta of 1.36.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new position in New Gold during the 4th quarter valued at about $6,111,000. Marshall Wace LLP increased its stake in New Gold by 212.2% during the 4th quarter. Marshall Wace LLP now owns 2,588,318 shares of the company’s stock valued at $6,419,000 after purchasing an additional 1,759,383 shares in the last quarter. Garden State Investment Advisory Services LLC bought a new stake in New Gold during the 4th quarter valued at about $584,000. NewEdge Advisors LLC increased its stake in New Gold by 60.2% during the 4th quarter. NewEdge Advisors LLC now owns 40,375 shares of the company’s stock valued at $100,000 after purchasing an additional 15,175 shares in the last quarter. Finally, Walleye Capital LLC increased its stake in New Gold by 87.7% during the 4th quarter. Walleye Capital LLC now owns 186,765 shares of the company’s stock valued at $463,000 after purchasing an additional 87,270 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.