New Pacific Metals (NYSEAMERICAN:NEWP) Trading Up 7.4% – Here’s Why

New Pacific Metals Corp. (NYSEAMERICAN:NEWP) shares traded up 7.4% during mid-day trading on Wednesday . The stock traded as high as $4.63 and last traded at $4.6590. 198,550 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,020,534 shares. The stock had previously closed at $4.34.

Analysts Set New Price Targets

Separately, Roth Capital reaffirmed a “buy” rating and issued a $7.25 target price on shares of New Pacific Metals in a research report on Monday, May 18th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, New Pacific Metals has an average rating of “Buy” and a consensus target price of $7.25.

New Pacific Metals Price Performance

The business has a 50 day simple moving average of $4.40 and a 200 day simple moving average of $4.42. The company has a market capitalization of $826.04 million, a price-to-earnings ratio of -223.00 and a beta of 0.95.

Hedge Funds Weigh In On New Pacific Metals

Several hedge funds have recently bought and sold shares of the company. Barclays PLC purchased a new position in New Pacific Metals during the 4th quarter valued at about $27,000. Dimensional Fund Advisors LP purchased a new stake in New Pacific Metals during the third quarter worth about $32,000. J.W. Cole Advisors Inc. purchased a new stake in New Pacific Metals during the fourth quarter worth about $53,000. Hollencrest Capital Management acquired a new stake in shares of New Pacific Metals during the fourth quarter worth about $63,000. Finally, LPL Financial LLC acquired a new stake in shares of New Pacific Metals during the fourth quarter worth about $64,000. 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.