New Gold (NYSE:NGD) Sees Unusually-High Trading Volume – Still a Buy?

New Gold Inc. (NYSE:NGD) shares saw strong trading volume on Monday . 15,946,419 shares were traded during mid-day trading, an increase of 53% from the previous session’s volume of 10,416,832 shares.The stock last traded at $2.90 and had previously closed at $3.02.

Analyst Ratings Changes

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

New Gold Price Performance

The firm has a market capitalization of $2.46 billion, a P/E ratio of 155.50 and a beta of 1.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The stock has a 50 day moving average of $2.73 and a two-hundred day moving average of $2.68.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp increased its position in New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares in the last quarter. JGP Global Gestao de Recursos Ltda. increased its holdings in shares of New Gold by 27.8% in the fourth quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock valued at $16,120,000 after purchasing an additional 1,412,003 shares in the last quarter. Two Sigma Advisers LP raised its position in New Gold by 18.7% in the 3rd quarter. Two Sigma Advisers LP now owns 4,322,930 shares of the company’s stock worth $12,450,000 after purchasing an additional 681,822 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after buying an additional 2,664,153 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in New Gold by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock valued at $4,670,000 after buying an additional 200,799 shares during the last quarter. 42.82% of the stock is owned by 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.