New Gold (NYSE:NGD) Shares Gap Down – Time to Sell?

New Gold Inc. (NYSE:NGD)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.62, but opened at $3.20. New Gold shares last traded at $3.63, with a volume of 3,884,733 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. CIBC cut their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and raised their target price for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. Scotiabank increased their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. Finally, New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $3.70.

New Gold Stock Performance

The company’s fifty day simple moving average is $3.08 and its 200 day simple moving average is $2.88. The stock has a market capitalization of $2.38 billion, a P/E ratio of 23.16 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. SIH Partners LLLP purchased a new stake in shares of New Gold in the 4th quarter valued at $27,000. Tudor Investment Corp ET AL purchased a new stake in New Gold during the fourth quarter valued at about $27,000. DGS Capital Management LLC purchased a new position in shares of New Gold in the fourth quarter worth about $30,000. Samalin Investment Counsel LLC bought a new stake in shares of New Gold in the 4th quarter valued at about $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in New Gold during the 4th quarter valued at about $39,000. 42.82% of the stock is currently owned by 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.