New Gold Inc (NYSEAMERICAN:NGD) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 15,442,291 shares, an increase of 3.1% from the October 15th total of 14,981,237 shares. Based on an average daily volume of 3,659,596 shares, the days-to-cover ratio is currently 4.2 days.

A number of equities analysts have weighed in on NGD shares. Raymond James set a $1.25 price target on shares of New Gold and gave the stock a “market perform” rating in a research report on Friday, October 26th. Zacks Investment Research upgraded shares of New Gold from a “strong sell” rating to a “hold” rating in a research report on Friday, October 26th. Scotiabank lowered shares of New Gold from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, August 8th. BMO Capital Markets reiterated a “hold” rating on shares of New Gold in a research report on Thursday, November 1st. Finally, National Bank Financial lowered shares of New Gold from an “outperform spec overweight” rating to a “sector perform spec overwgt” rating in a research report on Wednesday, August 8th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $1.87.

NGD opened at $0.82 on Friday. New Gold has a 1-year low of $0.69 and a 1-year high of $3.56.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Wednesday, October 24th. The basic materials company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.02. The firm had revenue of $147.10 million during the quarter, compared to the consensus estimate of $189.47 million.

Several hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board lifted its holdings in shares of New Gold by 255.8% in the third quarter. Canada Pension Plan Investment Board now owns 1,369,900 shares of the basic materials company’s stock worth $1,081,000 after buying an additional 984,900 shares in the last quarter. CIBC World Markets Inc. lifted its holdings in shares of New Gold by 44.9% in the third quarter. CIBC World Markets Inc. now owns 464,290 shares of the basic materials company’s stock worth $368,000 after buying an additional 143,955 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of New Gold by 282.9% in the third quarter. CIBC Asset Management Inc now owns 1,202,564 shares of the basic materials company’s stock worth $949,000 after buying an additional 888,496 shares in the last quarter. Intact Investment Management Inc. purchased a new position in shares of New Gold in the third quarter worth $2,500,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of New Gold by 65.6% in the third quarter. Russell Investments Group Ltd. now owns 14,972,656 shares of the basic materials company’s stock worth $11,846,000 after buying an additional 5,931,628 shares in the last quarter. 51.53% of the stock is currently owned by hedge funds and other institutional investors.

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New Gold Company Profile

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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