New Gold (TSE:NGD) Stock Price Crosses Above 50 Day Moving Average of $3.17

New Gold Inc. (TSE:NGD) (ARCA:NGD)’s stock price passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of C$3.17 and traded as high as C$3.29. New Gold shares last traded at C$3.17, with a volume of 820,451 shares trading hands.

Wall Street Analysts Forecast Growth

NGD has been the subject of a number of recent research reports. Canaccord Genuity Group lifted their price target on shares of New Gold from C$4.00 to C$4.50 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Scotiabank upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. National Bankshares raised their price target on New Gold from C$4.00 to C$4.25 and gave the company an “outperform” rating in a research note on Thursday, August 1st. BMO Capital Markets upped their price objective on New Gold from C$4.25 to C$4.50 in a research report on Wednesday, July 31st. Finally, TD Securities raised New Gold from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 21st. One analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, New Gold presently has a consensus rating of “Buy” and an average price target of C$3.71.

New Gold Stock Down 2.2 %

The stock has a market cap of C$2.51 billion, a PE ratio of -79.25, a P/E/G ratio of -3.02 and a beta of 1.57. The business has a 50 day moving average of C$3.17 and a 200-day moving average of C$2.68. The company has a current ratio of 1.50, a quick ratio of 1.64 and a debt-to-equity ratio of 52.45.

Insider Activity

In other news, Senior Officer Sean William Keating sold 50,000 shares of New Gold stock in a transaction on Monday, August 19th. The shares were sold at an average price of C$3.63, for a total value of C$181,500.00. Corporate insiders own 4.92% of the company’s stock.

About New Gold

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.