New Pacific Metals (NYSEAMERICAN:NEWP) Reaches New 52-Week High – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) reached a new 52-week high during trading on Thursday . The stock traded as high as $7.03 and last traded at $6.99, with a volume of 166448 shares traded. The stock had previously closed at $6.83.

Wall Street Analyst Weigh In

Separately, Roth Capital restated a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a research note on Monday, May 18th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Price Performance

The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -345.00 and a beta of 0.95. The company’s fifty day moving average price is $4.77 and its 200-day moving average price is $4.67.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NEWP. Renaissance Technologies LLC acquired a new position in shares of New Pacific Metals in the 1st quarter valued at $1,493,000. Trek Financial LLC acquired a new stake in New Pacific Metals during the 4th quarter worth about $799,000. Equinox Partners Investment Management LLC grew its stake in New Pacific Metals by 100.1% during the 4th quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock valued at $19,781,000 after purchasing an additional 2,829,376 shares during the last quarter. Helikon Investments Ltd purchased a new stake in New Pacific Metals during the 4th quarter valued at about $8,050,000. Finally, Jupiter Asset Management Ltd. increased its holdings in shares of New Pacific Metals by 5.8% in the fourth quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock valued at $46,141,000 after purchasing an additional 722,700 shares during the period. Institutional investors and hedge funds own 22.95% of the company’s stock.

New Pacific Metals Company Profile

New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosí Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.