New Gold Sees Unusually High Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading on Tuesday. Stock investors acquired 7,078 call options on the stock. This is an increase of 88% compared to the typical daily volume of 3,773 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Oxbow Advisors LLC lifted its holdings in shares of New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after purchasing an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after purchasing an additional 5,331 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after purchasing an additional 6,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of New Gold by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock valued at $2,258,000 after purchasing an additional 7,367 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Trading Down 0.6 %

New Gold stock opened at $3.34 on Wednesday. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The business’s fifty day simple moving average is $2.90 and its two-hundred day simple moving average is $2.81. New Gold has a 12 month low of $1.52 and a 12 month high of $3.48. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 25.69 and a beta of 1.35.

Analysts Set New Price Targets

Several research firms have commented on NGD. Scotiabank boosted their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. CIBC dropped their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $3.60.

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.