Zacks Investment Research downgraded shares of New Gold (NYSEAMERICAN:NGD) from a hold rating to a strong sell rating in a research note published on Thursday, September 20th.

According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity upgraded New Gold from a sell rating to a hold rating in a report on Monday, August 20th. TD Securities decreased their price objective on New Gold from $1.75 to $1.50 and set a hold rating for the company in a report on Thursday, August 9th. Raymond James decreased their price objective on New Gold from $3.00 to $2.00 and set a market perform rating for the company in a report on Friday, July 27th. Scotiabank cut New Gold from an outperform rating to a sector perform rating in a report on Wednesday, August 8th. Finally, National Bank Financial downgraded shares of New Gold from an outperform spec overweight rating to a sector perform spec overwgt rating in a research note on Wednesday, August 8th. Four investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. New Gold has a consensus rating of Hold and an average target price of $2.02.

New Gold stock traded down $0.02 during mid-day trading on Thursday, hitting $0.80. 2,991,827 shares of the company’s stock were exchanged, compared to its average volume of 4,794,419. The company has a quick ratio of 1.38, a current ratio of 2.28 and a debt-to-equity ratio of 0.42. New Gold has a fifty-two week low of $0.75 and a fifty-two week high of $3.84.

A number of large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its stake in New Gold by 26.6% in the first quarter. Commonwealth Equity Services LLC now owns 103,765 shares of the basic materials company’s stock valued at $267,000 after acquiring an additional 21,800 shares during the last quarter. Candriam Luxembourg S.C.A. grew its stake in shares of New Gold by 19.8% during the first quarter. Candriam Luxembourg S.C.A. now owns 187,898 shares of the basic materials company’s stock worth $485,000 after buying an additional 31,034 shares during the last quarter. Neuberger Berman Group LLC grew its stake in shares of New Gold by 114.0% during the first quarter. Neuberger Berman Group LLC now owns 61,775 shares of the basic materials company’s stock worth $159,000 after buying an additional 32,913 shares during the last quarter. Brave Asset Management Inc. grew its stake in shares of New Gold by 270.6% during the second quarter. Brave Asset Management Inc. now owns 63,000 shares of the basic materials company’s stock worth $131,000 after buying an additional 46,000 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of New Gold by 31.4% during the first quarter. Jane Street Group LLC now owns 227,329 shares of the basic materials company’s stock worth $587,000 after buying an additional 54,374 shares during the last quarter. 51.53% of the stock is currently owned by institutional investors and hedge funds.

About New Gold

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 New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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