New Gold Inc (NGD) Short Interest Down 8.0% in January

New Gold Inc (NYSEAMERICAN:NGD) saw a significant drop in short interest in January. As of January 31st, there was short interest totalling 9,208,952 shares, a drop of 8.0% from the January 15th total of 10,009,519 shares. Based on an average trading volume of 3,041,479 shares, the days-to-cover ratio is currently 3.0 days.

Several institutional investors have recently added to or reduced their stakes in NGD. BlackRock Inc. boosted its stake in shares of New Gold by 16.9% during the 2nd quarter. BlackRock Inc. now owns 425,898 shares of the basic materials company’s stock valued at $886,000 after buying an additional 61,470 shares during the last quarter. Schroder Investment Management Group boosted its stake in shares of New Gold by 249.0% during the 2nd quarter. Schroder Investment Management Group now owns 3,120,271 shares of the basic materials company’s stock valued at $7,009,000 after buying an additional 2,226,280 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of New Gold by 35.9% during the 3rd quarter. Bank of Montreal Can now owns 7,629,428 shares of the basic materials company’s stock valued at $6,052,000 after buying an additional 2,014,172 shares during the last quarter. First Manhattan Co. boosted its stake in shares of New Gold by 1,245.5% during the 3rd quarter. First Manhattan Co. now owns 714,450 shares of the basic materials company’s stock valued at $566,000 after buying an additional 661,350 shares during the last quarter. Finally, Brave Asset Management Inc. boosted its stake in shares of New Gold by 201.6% during the 3rd quarter. Brave Asset Management Inc. now owns 190,000 shares of the basic materials company’s stock valued at $151,000 after buying an additional 127,000 shares during the last quarter. Institutional investors own 51.53% of the company’s stock.

Shares of NYSEAMERICAN:NGD opened at $1.22 on Tuesday. New Gold has a 52-week low of $0.69 and a 52-week high of $2.92.

Several analysts have issued reports on the stock. Zacks Investment Research raised shares of New Gold from a “hold” rating to a “buy” rating and set a $1.25 price objective for the company in a research report on Thursday, February 7th. CIBC reaffirmed a “hold” rating on shares of New Gold in a research report on Sunday, January 20th. Royal Bank of Canada increased their price objective on shares of New Gold from $1.00 to $1.25 and gave the company an “underperform” rating in a research report on Thursday, January 10th. TD Securities increased their price objective on shares of New Gold from $1.05 to $1.15 and gave the company a “hold” rating in a research report on Thursday, January 10th. Finally, JPMorgan Chase & Co. raised shares of New Gold from an “underweight” rating to a “neutral” rating in a research report on Tuesday, January 8th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. New Gold currently has an average rating of “Hold” and a consensus target price of $1.75.

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About New Gold

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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