New Gold (TSE:NGD) Trading 3% Higher – Here’s Why

New Gold Inc. (TSE:NGD) (ARCA:NGD) shot up 3% on Monday . The stock traded as high as C$4.41 and last traded at C$4.40. 789,741 shares were traded during trading, a decline of 54% from the average session volume of 1,723,452 shares. The stock had previously closed at C$4.27.

Analyst Upgrades and Downgrades

NGD has been the topic of several analyst reports. National Bank Financial raised New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and lifted their target price for the stock from C$3.65 to C$5.45 in a report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$4.34.

New Gold Price Performance

The company has a quick ratio of 1.64, a current ratio of 1.42 and a debt-to-equity ratio of 45.12. The stock has a market capitalization of C$2.34 billion, a PE ratio of 116.58, a price-to-earnings-growth ratio of -3.02 and a beta of 1.59. The company has a 50 day moving average of C$4.41.

Insiders Place Their Bets

In other news, Senior Officer Keith Murphy sold 41,863 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total transaction of C$179,592.27. 4.92% of the stock is owned by insiders.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.