New Gold (NYSE:NGD) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of New Gold Inc. (NYSE:NGD) saw an uptick in trading volume on Monday . 15,946,419 shares were traded during trading, an increase of 53% from the previous session’s volume of 10,416,832 shares.The stock last traded at $2.90 and had previously closed at $3.02.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, New Gold currently has an average rating of “Buy” and a consensus target price of $3.41.

New Gold Trading Down 4.3 %

The firm’s 50-day moving average is $2.72 and its 200-day moving average is $2.67. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 144.50 and a beta of 1.36.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its stake in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after purchasing an additional 3,541,882 shares during the period. BNP Paribas Financial Markets raised its stake in shares of New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after purchasing an additional 2,664,153 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in shares of New Gold during the 3rd quarter worth $4,787,000. Lord Abbett & CO. LLC bought a new stake in shares of New Gold during the 3rd quarter worth $4,435,000. Finally, JGP Global Gestao de Recursos Ltda. raised its stake in shares of New Gold by 27.8% during the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after purchasing an additional 1,412,003 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.