New Gold (NYSE:NGD) Shares Down 2.2% – What’s Next?

Shares of New Gold Inc. (NYSE:NGD) fell 2.2% during mid-day trading on Wednesday . The stock traded as low as $2.69 and last traded at $2.71. 1,364,233 shares traded hands during trading, a decline of 83% from the average session volume of 7,830,903 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Price Performance

The company has a market cap of $2.18 billion, a PE ratio of 24.64 and a beta of 1.34. The business’s 50 day moving average price is $2.68 and its 200-day moving average price is $2.61. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current year.

Hedge Funds Weigh In On New Gold

Several hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its holdings in New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after purchasing an additional 5,948,394 shares during the period. Van ECK Associates Corp lifted its holdings in New Gold by 5.0% in the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after purchasing an additional 3,541,882 shares during the period. BNP Paribas Financial Markets lifted its holdings in New Gold by 9,360.7% in the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after purchasing an additional 2,664,153 shares during the period. Renaissance Technologies LLC lifted its holdings in New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after purchasing an additional 2,399,200 shares during the period. Finally, ArrowMark Colorado Holdings LLC acquired a new stake in New Gold in the third quarter worth about $4,787,000. 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.