New Gold (TSE:NGD) Hits New 1-Year High – Here’s What Happened

New Gold Inc. (TSE:NGD) (ARCA:NGD)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as C$4.36 and last traded at C$4.37, with a volume of 1387629 shares. The stock had previously closed at C$4.13.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group increased their price target on New Gold from C$4.00 to C$4.50 and gave the company a “buy” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$3.71.

New Gold Stock Up 6.1 %

The firm’s fifty day moving average is C$3.90 and its 200-day moving average is C$3.41. The company has a market capitalization of C$3.46 billion, a P/E ratio of -108.00, a price-to-earnings-growth ratio of -3.02 and a beta of 1.59. The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50.

Insider Activity

In other news, Senior Officer Sean William Keating sold 45,833 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of C$4.17, for a total value of C$191,123.61. Also, Senior Officer Yohann Bouchard sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of C$4.25, for a total value of C$425,000.00. Insiders own 4.92% 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.