New Gold Target of Unusually High Options Trading (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw some unusual options trading activity on Tuesday. Traders bought 7,078 call options on the company. This is an increase of 88% compared to the typical daily volume of 3,773 call options.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NGD. CIBC lowered their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Scotiabank lifted their price objective on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, New Gold currently has an average rating of “Buy” and an average target price of $3.60.

New Gold Stock Down 1.9 %

NGD traded down $0.07 during trading on Thursday, hitting $3.32. 9,872,113 shares of the company’s stock were exchanged, compared to its average volume of 15,179,871. New Gold has a fifty-two week low of $1.56 and a fifty-two week high of $3.48. The stock has a market cap of $2.62 billion, a P/E ratio of 25.50 and a beta of 1.35. The business’s 50 day moving average is $2.91 and its two-hundred day moving average is $2.81. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. SIH Partners LLLP purchased a new stake in New Gold in the 4th quarter valued at about $27,000. Tudor Investment Corp ET AL purchased a new stake in New Gold in the 4th quarter worth about $27,000. DGS Capital Management LLC bought a new stake in New Gold in the 4th quarter valued at about $30,000. Samalin Investment Counsel LLC bought a new position in New Gold in the 4th quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of New Gold in the fourth quarter worth $39,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Company Profile

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.