New Gold (TSE:NGD) Raised to “Buy” at Bank of America

New Gold (TSE:NGD) (ARCA:NGD) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “buy” rating in a report released on Wednesday,BayStreet.CA reports. The firm currently has a C$5.45 price objective on the stock, up from their prior price objective of C$3.65. Bank of America‘s price objective would indicate a potential upside of 9.66% from the stock’s previous close.

Separately, National Bank Financial raised shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. One research analyst has rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, New Gold has a consensus rating of “Buy” and an average target price of C$4.34.

New Gold Stock Performance

New Gold stock traded up C$0.16 on Wednesday, hitting C$4.97. The company’s stock had a trading volume of 1,486,429 shares, compared to its average volume of 1,644,408. New Gold has a one year low of C$2.14 and a one year high of C$5.08. The firm has a market cap of C$2.73 billion, a P/E ratio of 136.01, a price-to-earnings-growth ratio of -3.02 and a beta of 1.59. The company has a quick ratio of 1.64, a current ratio of 1.42 and a debt-to-equity ratio of 45.12. The company has a fifty day moving average price of C$4.24 and a 200-day moving average price of C$3.98.

Insiders Place Their Bets

In other news, Senior Officer Keith Murphy sold 41,863 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total transaction of C$179,592.27. Company insiders own 4.92% of the company’s stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.