New Gold (NYSE:NGD) Stock Price Down 4.4% – Here’s Why

New Gold Inc. (NYSE:NGD)’s stock price was down 4.4% on Friday . The company traded as low as $2.96 and last traded at $2.90. Approximately 1,304,390 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 11,927,002 shares. The stock had previously closed at $3.03.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on NGD shares. Scotiabank raised their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One 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 stock. According to MarketBeat.com, New Gold has a consensus rating of “Buy” and an average price target of $3.60.

New Gold Stock Performance

The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 144.25 and a beta of 1.36. The company has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.72.

Hedge Funds Weigh In On New Gold

Several large investors have recently bought and sold shares of the stock. SG Americas Securities LLC raised its holdings in New Gold by 49.9% during the third quarter. SG Americas Securities LLC now owns 145,990 shares of the company’s stock worth $420,000 after purchasing an additional 48,614 shares in the last quarter. Kohmann Bosshard Financial Services LLC lifted its holdings in shares of New Gold by 34.6% in the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after buying an additional 9,000 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock valued at $4,255,000 after buying an additional 1,279,500 shares in the last quarter. Eastern Bank acquired a new position in New Gold during the third quarter worth about $33,000. Finally, DORCHESTER WEALTH MANAGEMENT Co bought a new stake in New Gold in the third quarter worth about $592,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.