New Gold (NYSEAMERICAN:NGD) had its price target lowered by Canaccord Genuity from C$2.75 to C$2.00 in a research note released on Tuesday, The Fly reports. The brokerage currently has a buy rating on the basic materials company’s stock.
A number of other equities research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of New Gold from a hold rating to a sell rating in a report on Thursday, September 9th. TheStreet upgraded shares of New Gold from a d+ rating to a c rating in a report on Monday, May 24th. National Bank Financial cut shares of New Gold from an outperform rating to a sector perform rating in a report on Wednesday, August 11th. Royal Bank of Canada upgraded shares of New Gold from an underperform rating to a sector perform rating and cut their price objective for the stock from $1.75 to $1.50 in a report on Wednesday, September 8th. Finally, Raymond James cut their price target on shares of New Gold from $2.50 to $2.00 and set a market perform rating on the stock in a report on Tuesday, August 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $2.13.
NGD stock opened at $1.20 on Tuesday. New Gold has a 1 year low of $1.01 and a 1 year high of $2.40. The company has a market capitalization of $817.01 million, a P/E ratio of -120.00, a P/E/G ratio of 1.18 and a beta of 1.91. The business has a 50-day moving average of $2.17. The company has a current ratio of 2.24, a quick ratio of 1.70 and a debt-to-equity ratio of 0.62.
Hedge funds have recently modified their holdings of the stock. PEAK6 Investments LLC purchased a new stake in New Gold in the first quarter worth approximately $464,000. Fore Capital LLC bought a new position in New Gold in the first quarter worth approximately $77,000. Stifel Financial Corp raised its position in New Gold by 52.1% in the first quarter. Stifel Financial Corp now owns 82,290 shares of the basic materials company’s stock worth $127,000 after acquiring an additional 28,190 shares during the period. Goldman Sachs Group Inc. raised its position in New Gold by 14.8% in the first quarter. Goldman Sachs Group Inc. now owns 303,728 shares of the basic materials company’s stock worth $468,000 after acquiring an additional 39,047 shares during the period. Finally, Plancorp LLC bought a new position in New Gold in the first quarter worth approximately $183,000. Institutional investors own 31.79% of the company’s stock.
About New Gold
New Gold Inc is a gold mining company, which is engaged in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.
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