New Gold Sees Unusually High Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the recipient of unusually large options trading activity on Monday. Traders bought 11,552 call options on the company. This is an increase of approximately 167% compared to the typical volume of 4,323 call options.

New Gold Stock Down 5.1 %

Shares of NYSE NGD traded down $0.16 during trading on Monday, hitting $2.87. 23,140,888 shares of the company traded hands, compared to its average volume of 10,769,149. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 143.25 and a beta of 1.36. The business’s fifty day moving average is $2.72 and its 200 day moving average is $2.67. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. New Gold has a fifty-two week low of $1.09 and a fifty-two week high of $3.25.

Analyst Ratings Changes

Separately, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, New Gold has an average rating of “Buy” and a consensus price target of $3.41.

Institutional Investors Weigh In On New Gold

A number of hedge funds have recently added to or reduced their stakes in NGD. BNP Paribas Financial Markets grew its position in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after buying an additional 2,664,153 shares during the period. XTX Topco Ltd grew its stake in New Gold by 294.7% in the 3rd quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock worth $1,408,000 after buying an additional 365,079 shares in the last quarter. Van ECK Associates Corp increased its position in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock valued at $4,670,000 after purchasing an additional 200,799 shares during the last quarter. Finally, Old West Investment Management LLC increased its holdings in shares of New Gold by 42.9% in the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock worth $2,880,000 after buying an additional 300,000 shares during the period. 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.