Why Buy stock in New Gold Inc. (NGD)? – Marketing Sentinel

Why Buy stock in New Gold Inc. (NGD)?

New Gold Inc. (NYSE:NGD) has a beta value of 2.02 and has seen 4,264,132 shares traded in the recent trading session. The company, currently valued at $1.16 Billion, closed the recent trade at $1.73 per share which meant it gained $0.07 on the day or 3.92% during that session. The NGD stock price is -38.73% off its 52-week high price of $2.4 and 68.21% above the 52-week low of $0.55. If we look at the company’s 10-day average daily trading volume, we find that it stood at 6.08 Million shares traded. The 3-month trading volume is 7.92 Million shares.

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The consensus among analysts is that New Gold Inc. (NGD) is a Hold stock at the moment, with a recommendation rating of 2.7. 1 analysts rate the stock as a Sell, while none rate it as Overweight. 7 out of 13 have rated it as a Hold, with 4 advising it as a Buy. 1 have rated the stock as Underweight. The expected earnings per share for the stock is $0.01.

New Gold Inc. (NYSE:NGD) trade information

Sporting 3.92% in the green today, the stock has traded in the green over the last five days, with the highest price hit on Monday, May 03 when the NGD stock price touched $1.76 or saw a rise of 2.06%. Year-to-date, New Gold Inc. shares have moved -21.29%, while the 5-day performance has seen it change 0.22%. Over the past 30 days, the shares of New Gold Inc. (NYSE:NGD) have changed 5.75%. Short interest in the company has seen 9.09 Million shares shorted with days to cover at 1.15.

Wall Street analysts have a consensus price target for the stock at $2.2, which means that the shares’ value could jump 27.17% from the levels at last check today. The projected low price target is $1.56 while the price target rests at a high of $3.23. In that case, then, we find that the latest price level in today’s session is +86.71% off the targeted high while a plunge would see the stock lose -9.83% from the levels at last check today.

New Gold Inc. (NGD) estimates and forecasts

Figures show that New Gold Inc. shares have outperformed across the wider relevant industry. The company’s shares have lost -17% over the past 6 months, with this year growth rate of 533.33%, compared to 11% for the industry. Other than that, the company has, however, lowered its growth outlook for the 2021 fiscal year revenue. Growth estimates for the current quarter are -50% and 50% for the next quarter. Revenue growth from the last financial year stood is estimated to be +55.4%.

3 analysts offering their estimates for the company have set an average revenue estimate of $217.32 Million for the current quarter. 2 have an estimated revenue figure of $237.08 Million for the next quarter concluding in June 01, 2018. Year-ago sales stood $169.5 Million and $185.6 Million respectively for this quarter and the next, and analysts expect sales will grow by 28.2% for the current quarter and 27.7% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was +21.6% over the past 5 years. Earnings growth for 2021 is a modest +2.5% while over the next 5 years, the company’s earnings are expected to increase by 5%.

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New Gold Inc. (NYSE:NGD)’s Major holders

Insiders own 0.21% of the company shares, while shares held by institutions stand at 56.42% with a share float percentage of 56.53%. Investors are also buoyed by the number of investors in a company, with New Gold Inc. having a total of 249 institutions that hold shares in the company. The top two institutional holders are Van Eck Associates Corporation with over 73.82 Million shares worth more than $161.66 Million. As of December 30, 2020, Van Eck Associates Corporation held 10.84% of shares outstanding.

The other major institutional holder is Renaissance Technologies, LLC, with the holding of over 19.97 Million shares as of December 30, 2020. The firm’s total holdings are worth over $43.74 Million and represent 2.93% of shares outstanding.

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Also the top two Mutual Funds that are holding company’s shares are VanEck Vectors ETF Tr-Gold Miners ETF and VanEck Vectors ETF Tr-Junior Gold Miners ETF. As of March 30, 2021, the former fund manager holds about 4.9% shares in the company for having 33346936 shares of worth $51.35 Million while later fund manager owns 32.03 Million shares of worth $49.33 Million as of March 30, 2021, which makes it owner of about 4.71% of company’s outstanding stock.

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