New Gold Target of Unusually High Options Trading (NYSE:NGD)

New Gold Inc. (NYSE:NGDGet Free Report) was the target of unusually large options trading activity on Tuesday. Investors bought 7,078 call options on the stock. This is an increase of approximately 88% compared to the average daily volume of 3,773 call options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC grew its holdings in New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after acquiring an additional 2,619,782 shares during the last quarter. Invesco Ltd. increased its holdings in New Gold by 3.6% in the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock valued at $33,433,000 after purchasing an additional 469,748 shares during the period. American Century Companies Inc. raised its position in New Gold by 3.9% during the 4th quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock worth $30,577,000 after purchasing an additional 459,317 shares during the last quarter. Bank of Montreal Can lifted its holdings in New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock worth $24,203,000 after buying an additional 2,613,285 shares during the period. Finally, Hillsdale Investment Management Inc. grew its position in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after buying an additional 4,671,399 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Price Performance

NYSE:NGD traded down $0.07 during mid-day trading on Thursday, reaching $3.32. The stock had a trading volume of 9,872,113 shares, compared to its average volume of 15,179,871. The stock has a 50-day simple moving average of $2.91 and a two-hundred day simple moving average of $2.81. 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 12 month low of $1.56 and a 12 month high of $3.48. The stock has a market capitalization of $2.62 billion, a PE ratio of 25.50 and a beta of 1.35.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NGD. CIBC cut their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Scotiabank boosted their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, New Gold currently has a consensus rating of “Buy” and an average price target of $3.60.

Get Our Latest Stock Analysis on New Gold

New Gold Company Profile

(Get Free Report)

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.

Further Reading

Receive News & Ratings for New Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold and related companies with MarketBeat.com's FREE daily email newsletter.