New Gold Sees Unusually High Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading on Monday. Traders purchased 11,552 call options on the stock. This is an increase of approximately 167% compared to the average daily volume of 4,323 call options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its holdings in New Gold by 0.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after buying an additional 4,500 shares during the last quarter. Oxbow Advisors LLC lifted its holdings in New Gold by 1.7% during the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after buying an additional 4,624 shares during the last quarter. Morton Capital Management LLC CA lifted its holdings in New Gold by 18.9% during the 3rd quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock worth $91,000 after buying an additional 5,000 shares during the last quarter. Captrust Financial Advisors lifted its holdings in New Gold by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after buying an additional 6,700 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in New Gold by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after buying an additional 7,394 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Trading Down 4.3 %

NYSE:NGD opened at $2.89 on Tuesday. The firm has a market cap of $2.29 billion, a PE ratio of 144.50 and a beta of 1.36. The stock has a fifty day moving average price of $2.73 and a 200 day moving average price of $2.67. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Analysts Set New Price Targets

Separately, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, New Gold presently has an average rating of “Buy” and a consensus target price of $3.41.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.