New Gold (NYSE:NGD) Stock Price Up 7.1% – Time to Buy?

New Gold Inc. (NYSE:NGD)’s share price shot up 7.1% on Monday . The stock traded as high as $10.68 and last traded at $10.7130. 2,163,376 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 13,733,323 shares. The stock had previously closed at $10.00.

Analysts Set New Price Targets

Several equities analysts recently commented on NGD shares. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, December 1st. CIBC raised their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research report on Friday, October 10th. Scotiabank lifted their price target on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has a consensus rating of “Buy” and a consensus price target of $7.38.

New Gold Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 81.16 and a beta of 0.62. The company’s 50-day moving average price is $8.06 and its 200-day moving average price is $6.59.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NGD. Millennium Management LLC grew its position in New Gold by 91.1% during the 1st quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock worth $6,642,000 after purchasing an additional 854,586 shares during the last quarter. NewEdge Advisors LLC raised its position in New Gold by 99.1% during the 1st quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock worth $298,000 after buying an additional 40,000 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of New Gold by 74.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after acquiring an additional 2,760,692 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of New Gold by 4.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 951,651 shares of the company’s stock valued at $3,531,000 after acquiring an additional 40,995 shares in the last quarter. Finally, GK Wealth Management LLC acquired a new position in shares of New Gold during the second quarter worth about $112,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.