New Gold (NYSE:NGD) Stock Price Down 8.8% – Here’s Why

New Gold Inc. (NYSE:NGD) shares traded down 8.8% during mid-day trading on Monday . The stock traded as low as $10.22 and last traded at $10.22. 1,999,384 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 19,166,236 shares. The stock had previously closed at $11.21.

Wall Street Analyst Weigh In

NGD has been the topic of several research analyst reports. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, December 1st. Zacks Research upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Finally, Scotiabank boosted their price objective on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $8.18.

New Gold Stock Up 3.1%

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 has a 50 day moving average of $11.06 and a two-hundred day moving average of $8.56. The stock has a market capitalization of $9.12 billion, a PE ratio of 88.62 and a beta of 0.56.

Institutional Trading of New Gold

A number of hedge funds have recently bought and sold shares of NGD. Millennium Management LLC increased its position in shares of New Gold by 91.1% in the first quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock worth $6,642,000 after acquiring an additional 854,586 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of New Gold by 99.1% during the first quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock valued at $298,000 after purchasing an additional 40,000 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of New Gold by 74.9% during the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after purchasing an additional 2,760,692 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 purchasing an additional 40,995 shares during the period. Finally, AE Wealth Management LLC purchased a new position in shares of New Gold in the second quarter valued at $91,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.