Traders Buy Large Volume of New Gold Call Options (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the recipient of some unusual options trading on Thursday. Stock investors purchased 36,311 call options on the stock. This represents an increase of 743% compared to the typical daily volume of 4,306 call options.

New Gold Trading Down 1.6 %

Shares of New Gold stock opened at $2.48 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $2.79 and its 200-day moving average is $2.53. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The stock has a market cap of $1.96 billion, a P/E ratio of 124.00 and a beta of 1.32.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The firm had revenue of $252.00 million during the quarter. Equities research analysts predict that New Gold will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in NGD. Scientech Research LLC acquired a new stake in shares of New Gold during the second quarter valued at about $28,000. Allworth Financial LP boosted its position in New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after acquiring an additional 9,418 shares during the last quarter. Eastern Bank bought a new position in shares of New Gold in the 3rd quarter worth about $33,000. Rathbones Group PLC bought a new stake in New Gold in the second quarter worth approximately $36,000. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of New Gold during the 3rd quarter worth approximately $58,000. 42.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NGD shares. Scotiabank raised their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada lifted their price objective on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target 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.