New Gold Inc. (NYSE:NGD) (TSE:NGD) saw a significant increase in short interest in October. As of October 13th, there was short interest totalling 5,959,669 shares, an increase of 15.5% from the September 29th total of 5,159,259 shares. Based on an average daily volume of 3,192,206 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.1% of the company’s shares are short sold.
Shares of New Gold (NGD) traded down $0.05 during trading hours on Friday, reaching $3.36. 2,367,910 shares of the company traded hands, compared to its average volume of 4,760,000. New Gold has a fifty-two week low of $2.39 and a fifty-two week high of $4.41.
New Gold (NYSE:NGD) (TSE:NGD) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.01. New Gold had a net margin of 20.49% and a return on equity of 5.05%. The firm had revenue of $142.50 million during the quarter, compared to analysts’ expectations of $176.12 million. During the same period in the prior year, the company posted $0.03 EPS. The company’s revenue was up 23.7% on a year-over-year basis.
Several institutional investors and hedge funds have recently bought and sold shares of NGD. Comerica Bank increased its position in shares of New Gold by 5.9% during the first quarter. Comerica Bank now owns 63,328 shares of the company’s stock worth $176,000 after buying an additional 3,513 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of New Gold by 146.5% during the first quarter. UBS Asset Management Americas Inc. now owns 454,342 shares of the company’s stock worth $1,352,000 after buying an additional 270,033 shares during the period. Karp Capital Management Corp acquired a new stake in shares of New Gold during the first quarter worth $317,000. SG Americas Securities LLC increased its position in shares of New Gold by 47.4% during the first quarter. SG Americas Securities LLC now owns 68,607 shares of the company’s stock worth $204,000 after buying an additional 22,068 shares during the period. Finally, FMR LLC increased its position in shares of New Gold by 1.8% during the first quarter. FMR LLC now owns 15,263,059 shares of the company’s stock worth $45,565,000 after buying an additional 272,300 shares during the period.
Several brokerages have commented on NGD. Royal Bank of Canada boosted their price target on shares of New Gold from $3.75 to $4.25 and gave the stock a “sector perform” rating in a research report on Monday, October 23rd. Canaccord Genuity upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 20th. Zacks Investment Research lowered shares of New Gold from a “buy” rating to a “sell” rating in a research note on Tuesday, October 3rd. Scotiabank upped their price target on shares of New Gold from $3.00 to $4.00 and gave the company a “sector perform” rating in a research note on Friday, September 29th. Finally, Credit Suisse Group upped their price target on shares of New Gold from $3.00 to $3.30 and gave the company a “neutral” rating in a research note on Friday, September 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $4.12.
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New Gold Company Profile
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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