New Gold (NYSEAMERICAN:NGD) Shares Gap Down to $1.75

New Gold Inc. (NYSEAMERICAN:NGD) shares gapped down before the market opened on Monday . The stock had previously closed at $1.75, but opened at $1.69. New Gold shares last traded at $1.73, with a volume of 5,030,425 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Scotiabank upped their target price on New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a report on Monday, April 8th. Finally, National Bank Financial restated a “sector perform spec overwgt” rating on shares of New Gold in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $1.64.

New Gold Stock Up 0.3 %

The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -19.16, a P/E/G ratio of 1.16 and a beta of 1.54.

New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings data on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). The company had revenue of $199.20 million during the quarter. New Gold had a negative net margin of 8.20% and a positive return on equity of 5.63%. On average, equities analysts anticipate that New Gold Inc. will post 0.04 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NGD. Quadrature Capital Ltd increased its holdings in New Gold by 205.3% during the 4th quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the basic materials company’s stock worth $2,374,000 after purchasing an additional 1,099,933 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of New Gold during the fourth quarter valued at approximately $206,000. Invenomic Capital Management LP raised its position in New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the basic materials company’s stock valued at $14,748,000 after buying an additional 1,654,396 shares during the last quarter. CIBC Asset Management Inc bought a new position in New Gold during the 4th quarter valued at $893,000. Finally, TD Asset Management Inc boosted its holdings in New Gold by 33.5% during the 4th quarter. TD Asset Management Inc now owns 4,694,483 shares of the basic materials company’s stock worth $6,836,000 after acquiring an additional 1,178,194 shares during the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

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.