New Gold Inc. (NYSEAMERICAN:NGD) Sees Significant Growth in Short Interest

New Gold Inc. (NYSEAMERICAN:NGD) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 3,590,000 shares, a growth of 18.9% from the August 15th total of 3,020,000 shares. Based on an average trading volume of 2,690,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.5% of the company’s stock are short sold.

New Gold Stock Up 4.0 %

Shares of NYSEAMERICAN NGD traded up $0.04 during trading hours on Monday, hitting $1.05. 868,231 shares of the stock were exchanged, compared to its average volume of 3,160,475. The firm has a market capitalization of $718.52 million, a P/E ratio of 50.00, a PEG ratio of 3.53 and a beta of 1.58. New Gold has a 12 month low of $0.73 and a 12 month high of $1.48. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.71. The firm’s fifty day simple moving average is $1.24.

New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Wednesday, July 26th. The basic materials company reported $0.02 earnings per share for the quarter. The business had revenue of $184.40 million during the quarter. New Gold had a positive return on equity of 1.10% and a negative net margin of 7.93%. As a group, equities analysts anticipate that New Gold will post 0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NGD has been the subject of several research reports. TheStreet raised shares of New Gold from a “d” rating to a “c-” rating in a research report on Thursday, July 27th. TD Securities lowered their target price on New Gold from $1.05 to $1.00 and set a “reduce” rating for the company in a report on Friday, July 28th. CSFB dropped their target price on New Gold from $1.20 to $1.15 and set a “neutral” rating on the stock in a research report on Thursday, August 17th. Finally, StockNews.com lowered New Gold from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $1.29.

Institutional Investors Weigh In On New Gold

A number of large investors have recently made changes to their positions in NGD. Virtu Financial LLC acquired a new position in shares of New Gold in the 1st quarter valued at about $33,000. Citigroup Inc. lifted its holdings in New Gold by 127.1% in the first quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 12,707 shares during the period. AE Wealth Management LLC purchased a new stake in New Gold in the 2nd quarter worth approximately $28,000. Commonwealth Equity Services LLC acquired a new stake in shares of New Gold during the 3rd quarter worth approximately $25,000. Finally, CreativeOne Wealth LLC purchased a new position in shares of New Gold during the 2nd quarter valued at approximately $33,000. 31.78% of the stock is owned by hedge funds and other institutional investors.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.