New Gold (NYSE:NGD) Shares Gap Up – Still a Buy?

Shares of New Gold Inc. (NYSE:NGD) gapped up before the market opened on Tuesday . The stock had previously closed at $3.36, but opened at $3.45. New Gold shares last traded at $3.38, with a volume of 2,465,388 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently commented on NGD. CIBC decreased their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a report on Thursday, February 27th. Scotiabank increased their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $3.60.

New Gold Price Performance

The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The firm’s fifty day moving average price is $2.88 and its 200 day moving average price is $2.80. The firm has a market capitalization of $2.64 billion, a PE ratio of 25.73 and a beta of 1.35.

Institutional Investors Weigh In On New Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in NGD. Hillsdale Investment Management Inc. grew its position in New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after buying an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP raised its holdings in New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock worth $14,742,000 after purchasing an additional 2,931,470 shares during the period. Nokomis Capital L.L.C. grew its holdings in New Gold by 203.8% in the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after purchasing an additional 2,782,296 shares during the period. BNP Paribas Financial Markets raised its stake in shares of 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 during the period. Finally, Renaissance Technologies LLC lifted its position in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after buying an additional 2,619,782 shares in the last quarter. 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.