New Gold (NGD) Trading Up 5.2%

New Gold Inc (NYSEAMERICAN:NGD) shares were up 5.2% on Monday . The stock traded as high as $1.24 and last traded at $1.22. Approximately 6,092,431 shares changed hands during trading, an increase of 70% from the average daily volume of 3,579,140 shares. The stock had previously closed at $1.16.

Several research firms have recently commented on NGD. Zacks Investment Research downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. Raymond James set a $1.25 price objective on New Gold and gave the company a “market perform” rating in a report on Friday, October 26th. CIBC reaffirmed a “hold” rating on shares of New Gold in a report on Sunday, December 16th. BMO Capital Markets reaffirmed a “hold” rating on shares of New Gold in a report on Thursday, November 1st. Finally, TD Securities upped their price objective on New Gold from $1.05 to $1.15 and gave the company a “hold” rating in a report on Thursday, January 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $1.75.

Large investors have recently modified their holdings of the stock. Signition LP acquired a new stake in shares of New Gold during the 4th quarter worth approximately $66,000. Mackenzie Financial Corp acquired a new stake in shares of New Gold in the 3rd quarter valued at $103,000. Clean Yield Group boosted its holdings in shares of New Gold by 166.7% in the 4th quarter. Clean Yield Group now owns 160,000 shares of the basic materials company’s stock valued at $121,000 after purchasing an additional 100,000 shares in the last quarter. Brave Asset Management Inc. boosted its holdings in shares of New Gold by 201.6% in the 3rd quarter. Brave Asset Management Inc. now owns 190,000 shares of the basic materials company’s stock valued at $151,000 after purchasing an additional 127,000 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of New Gold by 16.9% in the 2nd quarter. BlackRock Inc. now owns 425,898 shares of the basic materials company’s stock valued at $886,000 after purchasing an additional 61,470 shares in the last quarter. 51.53% of the stock is currently owned by institutional investors and hedge funds.

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New Gold Company Profile (NYSEAMERICAN:NGD)

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 New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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