New Gold (NYSE:NGD) Stock Price Up 5.7% – Should You Buy?

Shares of New Gold Inc. (NYSE:NGD) traded up 5.7% on Thursday . The company traded as high as $3.43 and last traded at $3.43. 8,280,300 shares changed hands during trading, a decline of 51% from the average session volume of 16,849,236 shares. The stock had previously closed at $3.24.

Analyst Ratings Changes

A number of equities analysts have commented on NGD shares. National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Wednesday, April 2nd. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and upped their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. CIBC dropped 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. Finally, Scotiabank increased their price target on shares of New Gold from $4.00 to $4.25 and gave the company a “sector outperform” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $3.78.

New Gold Stock Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 27.46 and a beta of 0.93. The firm’s 50-day moving average price is $3.11 and its 200 day moving average price is $2.89.

Institutional Investors Weigh In On New Gold

A number of institutional investors have recently made changes to their positions in the stock. Pinnacle Wealth Management Group Inc. grew its holdings in New Gold by 11.1% during the first quarter. Pinnacle Wealth Management Group Inc. now owns 403,830 shares of the company’s stock valued at $1,498,000 after purchasing an additional 40,365 shares during the period. Gunderson Capital Management Inc. acquired a new position in shares of New Gold in the 1st quarter valued at $138,000. Wellington Management Group LLP acquired a new position in shares of New Gold in the 4th quarter valued at $2,830,000. PKO Investment Management Joint Stock Co bought a new stake in shares of New Gold in the 4th quarter valued at $874,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in New Gold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after buying an additional 7,367 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

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.