New Gold Inc (NYSEAMERICAN:NGD) shares were down 10.1% on Friday . The company traded as low as $0.71 and last traded at $0.71. Approximately 7,067,600 shares changed hands during mid-day trading, an increase of 140% from the average daily volume of 2,949,025 shares. The stock had previously closed at $0.79.
A number of research analysts have weighed in on NGD shares. Zacks Investment Research upgraded New Gold from a “hold” rating to a “buy” rating and set a $1.00 price objective on the stock in a report on Saturday, February 16th. CIBC restated a “sell” rating and issued a $0.60 price objective on shares of New Gold in a report on Friday, April 5th. Raymond James set a $1.00 price objective on New Gold and gave the company a “market perform” rating in a report on Friday, April 26th. Credit Suisse Group started coverage on New Gold in a report on Tuesday, April 16th. They set a “neutral” rating and a $1.00 price target on the stock. Finally, TD Securities reduced their price target on New Gold from $1.30 to $1.10 and set a “hold” rating on the stock in a report on Friday, February 15th. Three investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. New Gold currently has a consensus rating of “Hold” and an average target price of $1.00.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Counselors Inc. purchased a new position in shares of New Gold during the 1st quarter worth $51,000. Hsbc Holdings PLC increased its position in shares of New Gold by 261.4% during the 1st quarter. Hsbc Holdings PLC now owns 68,796 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 49,762 shares during the last quarter. SG Americas Securities LLC increased its position in shares of New Gold by 217.9% during the 1st quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock worth $70,000 after purchasing an additional 55,363 shares during the last quarter. Moors & Cabot Inc. increased its position in shares of New Gold by 145.2% during the 1st quarter. Moors & Cabot Inc. now owns 94,400 shares of the basic materials company’s stock worth $80,000 after purchasing an additional 55,900 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in shares of New Gold by 163.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock worth $148,000 after purchasing an additional 118,963 shares during the last quarter. Institutional investors and hedge funds own 51.53% of the company’s stock.
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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