Short Interest in New Gold Inc. (NGD) Rises By 53.6%

New Gold Inc. (NYSEAMERICAN:NGD) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 6,384,692 shares, an increase of 53.6% from the November 30th total of 4,157,915 shares. Currently, 1.1% of the company’s stock are short sold. Based on an average daily volume of 4,835,820 shares, the days-to-cover ratio is presently 1.3 days.

New Gold (NYSEAMERICAN:NGD) traded down $0.01 during trading hours on Wednesday, hitting $3.34. The stock had a trading volume of 1,788,538 shares, compared to its average volume of 6,081,190. The firm has a market capitalization of $1,860.00, a price-to-earnings ratio of 33.40, a P/E/G ratio of 13.01 and a beta of 0.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.38 and a current ratio of 2.28. New Gold has a 1-year low of $2.39 and a 1-year high of $4.41.

New Gold (NYSEAMERICAN:NGD) last announced its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $0.01 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.01. New Gold had a return on equity of 5.05% and a net margin of 20.49%. The firm had revenue of $142.50 million for the quarter, compared to analyst estimates of $176.12 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. New Gold’s quarterly revenue was up 23.7% on a year-over-year basis. analysts expect that New Gold will post 0.05 earnings per share for the current fiscal year.

An institutional investor recently bought a new position in New Gold stock. Cubist Systematic Strategies LLC bought a new position in shares of New Gold Inc. (NYSEAMERICAN:NGD) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 54,362 shares of the basic materials company’s stock, valued at approximately $202,000. 51.53% of the stock is owned by institutional investors.

NGD has been the subject of several recent analyst reports. BidaskClub cut New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. ValuEngine lowered New Gold from a “hold” rating to a “sell” rating in a research report on Thursday, September 21st. Canaccord Genuity raised New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 20th. Credit Suisse Group lifted their price target on New Gold from $3.00 to $3.30 and gave the stock a “neutral” rating in a research report on Friday, September 29th. Finally, Royal Bank of Canada lifted their price target on New Gold from $3.75 to $4.25 and gave the stock a “sector perform” rating in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $4.12.

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New Gold Company Profile

New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.

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