Moors & Cabot Inc. Boosts Stake in New Gold Inc. (NYSEAMERICAN:NGD)

Posted by on May 6th, 2023

Moors & Cabot Inc. lifted its holdings in New Gold Inc. (NYSEAMERICAN:NGD – Get Rating) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,250 shares of the basic materials company’s stock after buying an additional 14,250 shares during the quarter. Moors & Cabot Inc.’s holdings in New Gold were worth $131,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NGD. Commonwealth Equity Services LLC purchased a new stake in shares of New Gold in the third quarter valued at approximately $25,000. Bluefin Capital Management LLC purchased a new stake in New Gold during the third quarter worth $26,000. Boenning & Scattergood Inc. purchased a new stake in New Gold during the fourth quarter worth $26,000. Virtu Financial LLC purchased a new stake in New Gold during the first quarter worth $33,000. Finally, Quantbot Technologies LP purchased a new stake in New Gold during the second quarter worth $33,000. 31.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on NGD shares. Scotiabank started coverage on New Gold in a research report on Friday, March 3rd. They set a “sector perform” rating on the stock. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Friday, April 28th. TheStreet downgraded New Gold from a “c” rating to a “d” rating in a research report on Tuesday, February 21st. TD Securities reduced their price objective on New Gold from $0.95 to $0.90 and set a “reduce” rating on the stock in a research report on Friday, February 17th. Finally, National Bank Financial upped their price objective on New Gold from C$1.60 to C$1.75 in a research report on Friday, January 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $1.48.

New Gold Stock Performance

New Gold stock opened at $1.39 on Friday. The firm has a market capitalization of $949.09 million, a price-to-earnings ratio of -13.90, a P/E/G ratio of 3.87 and a beta of 1.53. The firm has a fifty day simple moving average of $1.10. New Gold Inc. has a 52 week low of $0.61 and a 52 week high of $1.47. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.20 and a quick ratio of 1.53.

New Gold (NYSEAMERICAN:NGD – Get Rating) last released its earnings results on Thursday, February 16th. The basic materials company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $162.80 million during the quarter. New Gold had a negative return on equity of 1.81% and a negative net margin of 14.38%. As a group, equities analysts predict that New Gold Inc. will post 0.07 EPS for the current year.

New Gold Profile

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New Gold, Inc is a gold mining company, which engages in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.

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Institutional Ownership by Quarter for New Gold (NYSEAMERICAN:NGD)

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