New Gold Inc (NYSEAMERICAN:NGD) shares shot up 11.9% on Wednesday . The stock traded as high as $1.56 and last traded at $1.50, 11,523,971 shares were traded during mid-day trading. An increase of 199% from the average session volume of 3,849,894 shares. The stock had previously closed at $1.34.
Several brokerages recently weighed in on NGD. Raymond James set a $33.00 target price on LKQ and gave the stock a “buy” rating in a research report on Friday, April 26th. Canaccord Genuity set a $22.00 target price on Hibbett Sports and gave the stock a “hold” rating in a research report on Monday, March 25th. JPMorgan Chase & Co. raised China Life Insurance from a “neutral” rating to an “overweight” rating in a research report on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research raised DLH from a “sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, CIBC reissued a “hold” rating on shares of Sandstorm Gold in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $1.00.
A number of large investors have recently added to or reduced their stakes in the business. Exor Investments UK LLP raised its position in New Gold by 26.6% in the second quarter. Exor Investments UK LLP now owns 27,626,907 shares of the basic materials company’s stock valued at $26,558,000 after purchasing an additional 5,809,242 shares during the period. Marshall Wace LLP purchased a new position in New Gold in the first quarter valued at about $872,000. Financial Counselors Inc. purchased a new stake in shares of New Gold during the first quarter worth about $51,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of New Gold by 189.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,830,752 shares of the basic materials company’s stock worth $3,269,000 after acquiring an additional 2,506,336 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of New Gold during the first quarter worth about $1,167,000. 51.53% of the stock is currently owned by institutional investors.
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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