New Gold (NYSE:NGD) Trading Down 3.5% – Should You Sell?

New Gold Inc. (NYSE:NGD) shares fell 3.5% on Monday . The company traded as low as $2.70 and last traded at $2.73. 959,929 shares were traded during trading, a decline of 88% from the average session volume of 8,228,364 shares. The stock had previously closed at $2.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NGD shares. Scotiabank raised their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Royal Bank of Canada boosted their price target on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $3.08.

New Gold Stock Up 1.9 %

The company has a market cap of $2.14 billion, a P/E ratio of 135.50 and a beta of 1.31. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The business’s fifty day moving average is $2.84 and its two-hundred day moving average is $2.44.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. Equities analysts predict that New Gold Inc. will post 0.18 EPS for the current year.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently made changes to their positions in NGD. Virtu Financial LLC bought a new stake in shares of New Gold in the third quarter valued at about $941,000. Toronto Dominion Bank increased its position in New Gold by 92.6% during the 3rd quarter. Toronto Dominion Bank now owns 110,318 shares of the company’s stock valued at $318,000 after purchasing an additional 53,051 shares during the period. Geode Capital Management LLC raised its holdings in shares of New Gold by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after purchasing an additional 7,394 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of New Gold in the 3rd quarter worth approximately $704,000. Finally, XTX Topco Ltd boosted its stake in shares of New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock valued at $1,408,000 after purchasing an additional 365,079 shares in the last quarter. 42.82% of the stock is currently 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.