New Gold Inc (NYSEAMERICAN:NGD) was the target of a significant decrease in short interest in the month of September. As of September 28th, there was short interest totalling 13,181,631 shares, a decrease of 0.1% from the September 14th total of 13,192,569 shares. Based on an average daily volume of 5,580,108 shares, the days-to-cover ratio is currently 2.4 days.
Several institutional investors and hedge funds have recently bought and sold shares of NGD. Exor Investments UK LLP bought a new position in shares of New Gold in the second quarter worth approximately $24,315,000. Van ECK Associates Corp boosted its position in shares of New Gold by 3.4% in the second quarter. Van ECK Associates Corp now owns 83,504,329 shares of the basic materials company’s stock worth $173,690,000 after purchasing an additional 2,752,495 shares during the period. Renaissance Technologies LLC boosted its position in shares of New Gold by 1,455.2% in the second quarter. Renaissance Technologies LLC now owns 2,891,034 shares of the basic materials company’s stock worth $6,015,000 after purchasing an additional 2,705,134 shares during the period. Russell Investments Group Ltd. boosted its position in shares of New Gold by 41.1% in the second quarter. Russell Investments Group Ltd. now owns 9,041,028 shares of the basic materials company’s stock worth $18,762,000 after purchasing an additional 2,633,328 shares during the period. Finally, Schroder Investment Management Group boosted its position in shares of New Gold by 249.0% in the second quarter. Schroder Investment Management Group now owns 3,120,271 shares of the basic materials company’s stock worth $7,009,000 after purchasing an additional 2,226,280 shares during the period. Institutional investors and hedge funds own 51.53% of the company’s stock.
A number of equities analysts have weighed in on NGD shares. Canaccord Genuity upgraded shares of New Gold from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. Royal Bank of Canada lowered shares of New Gold from a “sector perform” rating to an “underperform” rating and dropped their price target for the stock from $3.50 to $1.40 in a research report on Wednesday, August 15th. Zacks Investment Research upgraded shares of New Gold from a “strong sell” rating to a “hold” rating in a research report on Saturday, September 8th. National Bank Financial lowered shares of New Gold from an “outperform spec overweight” rating to a “sector perform spec overwgt” rating in a research report on Wednesday, August 8th. Finally, TD Securities dropped their price target on shares of New Gold from $1.75 to $1.50 and set a “hold” rating for the company in a research report on Thursday, August 9th. Four equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The stock has an average rating of “Hold” and an average price target of $2.02.
NGD opened at $0.80 on Friday. New Gold has a 1-year low of $0.75 and a 1-year high of $3.84. The company has a quick ratio of 1.38, a current ratio of 2.28 and a debt-to-equity ratio of 0.42.
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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