New Gold Inc. (NYSE:NGD – Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.36, but opened at $3.45. New Gold shares last traded at $3.38, with a volume of 2,465,388 shares changing hands.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on NGD shares. Scotiabank lifted their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. CIBC reduced their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $3.60.
View Our Latest Stock Report on NGD
New Gold Stock Down 0.7 %
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in NGD. PKO Investment Management Joint Stock Co bought a new stake in New Gold during the 4th quarter valued at $874,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in New Gold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after acquiring an additional 7,367 shares in the last quarter. Wexford Capital LP purchased a new position in New Gold during the 4th quarter valued at about $310,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of New Gold in the 4th quarter worth approximately $43,000. Finally, Man Group plc bought a new position in shares of New Gold during the fourth quarter valued at approximately $611,000. 42.82% of the stock is currently owned by institutional investors.
About New Gold
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.
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