New Gold Sees Unusually Large Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the target of some unusual options trading activity on Wednesday. Investors purchased 11,513 call options on the stock. This represents an increase of approximately 156% compared to the average volume of 4,491 call options.

New Gold Stock Performance

NYSE:NGD opened at $2.70 on Friday. The company’s 50-day moving average price is $2.78 and its 200-day moving average price is $2.77. 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 company has a market cap of $2.14 billion, a P/E ratio of 20.77 and a beta of 1.36. New Gold has a twelve month low of $1.12 and a twelve month high of $3.25.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NGD shares. Scotiabank lifted their target price on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. CIBC dropped their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $3.60.

Hedge Funds Weigh In On New Gold

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in New Gold by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after purchasing an additional 7,367 shares during the period. Wexford Capital LP purchased a new position in New Gold during the fourth quarter worth about $310,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in New Gold during the fourth quarter worth about $43,000. Man Group plc purchased a new position in New Gold during the fourth quarter worth about $611,000. Finally, Nokomis Capital L.L.C. raised its stake in New Gold by 203.8% during the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock worth $10,285,000 after purchasing an additional 2,782,296 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.