New Gold Inc. (NYSEAMERICAN:NGD) Short Interest Update

New Gold Inc. (NYSEAMERICAN:NGD) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 3,590,000 shares, an increase of 18.9% from the August 15th total of 3,020,000 shares. Approximately 0.5% of the company’s stock are short sold. Based on an average daily trading volume, of 2,690,000 shares, the days-to-cover ratio is currently 1.3 days.

Analysts Set New Price Targets

Several equities analysts have recently commented on NGD shares. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. TD Securities reduced their price objective on New Gold from $1.05 to $1.00 and set a “reduce” rating on the stock in a research note on Friday, July 28th. TheStreet upgraded New Gold from a “d” rating to a “c-” rating in a research note on Thursday, July 27th. Finally, CSFB reduced their price objective on New Gold from $1.20 to $1.15 and set a “neutral” rating on the stock in a research note on Thursday, August 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $1.29.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of New Gold during the 1st quarter worth about $33,000. Citigroup Inc. raised its position in shares of New Gold by 127.1% during the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock worth $41,000 after buying an additional 12,707 shares in the last quarter. AE Wealth Management LLC bought a new stake in shares of New Gold during the 2nd quarter worth about $28,000. Commonwealth Equity Services LLC bought a new stake in shares of New Gold during the 3rd quarter worth about $25,000. Finally, CreativeOne Wealth LLC bought a new stake in shares of New Gold during the 2nd quarter worth about $33,000. 31.78% of the stock is currently owned by institutional investors.

New Gold Stock Up 4.0 %

NGD stock traded up $0.04 during mid-day trading on Monday, reaching $1.05. The company had a trading volume of 896,474 shares, compared to its average volume of 3,160,475. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $718.52 million, a PE ratio of -13.13, a P/E/G ratio of 3.53 and a beta of 1.58. New Gold has a one year low of $0.73 and a one year high of $1.48. The business has a 50-day moving average price of $1.24.

New Gold (NYSEAMERICAN:NGD) last posted its earnings results on Wednesday, July 26th. The basic materials company reported $0.02 earnings per share (EPS) for the quarter. The company had revenue of $184.40 million for the quarter. New Gold had a positive return on equity of 1.10% and a negative net margin of 7.93%. On average, research analysts forecast that New Gold will post 0.06 EPS for the current fiscal year.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.