New Gold Inc (NYSEAMERICAN:NGD) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 15,442,291 shares, a growth of 3.1% from the October 15th total of 14,981,237 shares. Based on an average daily trading volume, of 3,659,596 shares, the short-interest ratio is presently 4.2 days.
NGD opened at $0.82 on Friday. New Gold has a twelve month low of $0.69 and a twelve month high of $3.56.
New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings data on Wednesday, October 24th. The basic materials company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $147.10 million for the quarter, compared to analysts’ expectations of $189.47 million.
NGD has been the subject of several recent analyst reports. Canaccord Genuity cut shares of New Gold from a “buy” rating to a “sell” rating in a report on Thursday, July 26th. Credit Suisse Group cut shares of New Gold from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $2.20 to $1.60 in a report on Thursday, July 26th. Raymond James decreased their target price on shares of New Gold from $3.00 to $2.00 and set a “market perform” rating for the company in a report on Friday, July 27th. Scotiabank cut shares of New Gold from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 8th. Finally, JPMorgan Chase & Co. cut shares of New Gold from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 8th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $1.87.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brave Asset Management Inc. raised its holdings in shares of New Gold by 270.6% during the second quarter. Brave Asset Management Inc. now owns 63,000 shares of the basic materials company’s stock valued at $131,000 after purchasing an additional 46,000 shares during the last quarter. CIBC World Markets Inc. raised its holdings in shares of New Gold by 44.9% during the third quarter. CIBC World Markets Inc. now owns 464,290 shares of the basic materials company’s stock valued at $368,000 after purchasing an additional 143,955 shares during the last quarter. First Manhattan Co. raised its holdings in shares of New Gold by 1,245.5% during the third quarter. First Manhattan Co. now owns 714,450 shares of the basic materials company’s stock valued at $566,000 after purchasing an additional 661,350 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of New Gold during the second quarter valued at approximately $802,000. Finally, BlackRock Inc. raised its holdings in shares of New Gold by 16.9% during the second quarter. BlackRock Inc. now owns 425,898 shares of the basic materials company’s stock valued at $886,000 after purchasing an additional 61,470 shares during the last quarter. 51.53% of the stock is owned by hedge funds and other institutional investors.
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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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