New Gold (NYSE:NGD) Stock Price Down 6.5% – Here’s What Happened

New Gold Inc. (NYSE:NGD)’s share price was down 6.5% on Friday . The stock traded as low as $2.82 and last traded at $2.82. Approximately 3,790,866 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 12,247,100 shares. The stock had previously closed at $3.01.

Analysts Set New Price Targets

Separately, Scotiabank upped their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $3.60.

New Gold Price Performance

The stock has a market capitalization of $2.23 billion, a PE ratio of 21.69 and a beta of 1.36. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock’s 50-day moving average is $2.77 and its 200 day moving average is $2.75.

Institutional Trading of New Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in NGD. SIH Partners LLLP purchased a new position in New Gold in the 4th quarter valued at $27,000. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold in the 4th quarter worth $27,000. Allworth Financial LP boosted its holdings in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after acquiring an additional 9,418 shares in the last quarter. DGS Capital Management LLC acquired a new position in shares of New Gold during the fourth quarter worth about $30,000. Finally, Samalin Investment Counsel LLC purchased a new position in New Gold during the fourth quarter worth about $32,000. 42.82% of the stock is owned by hedge funds and other 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.