New Gold (NYSEAMERICAN:NGD) Shares Gap Up to $1.07

New Gold Inc (NYSEAMERICAN:NGD)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $1.15, but opened at $1.07. New Gold shares last traded at $1.10, with a volume of 622,954 shares trading hands.

Several equities analysts recently weighed in on NGD shares. Canaccord Genuity set a $22.00 price target on Hibbett Sports and gave the company a “hold” rating in a research note on Monday, March 25th. CIBC reiterated a “buy” rating and issued a $57.50 price objective on shares of Agnico Eagle Mines in a report on Friday, April 5th. JPMorgan Chase & Co. upgraded China Life Insurance from a “neutral” rating to an “overweight” rating in a report on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded DLH from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James set a $33.00 price objective on LKQ and gave the stock a “buy” rating in a report on Friday, April 26th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $1.00.

A number of hedge funds have recently bought and sold shares of the stock. Financial Counselors Inc. acquired a new position in shares of New Gold during the 1st quarter worth approximately $51,000. SG Americas Securities LLC boosted its holdings in shares of New Gold by 217.9% during the 1st quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock worth $70,000 after purchasing an additional 55,363 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in shares of New Gold by 145.2% during the 1st quarter. Moors & Cabot Inc. now owns 94,400 shares of the basic materials company’s stock worth $80,000 after purchasing an additional 55,900 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of New Gold by 163.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock worth $148,000 after purchasing an additional 118,963 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of New Gold during the 4th quarter worth approximately $312,000. Institutional investors own 51.53% of the company’s stock.

New Gold Company Profile (NYSEAMERICAN:NGD)

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 Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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