Investing In New Gold Inc (AMEX: NGD) Stock. Performance & Trends

In the last trading session, 1.63 million New Gold Inc (AMEX:NGD) shares changed hands as the company’s beta touched 1.53. With the company’s per share price at $1.25 changed hands at $0.04 or 3.31% during last session, the market valuation stood at $855.62M. NGD’s last price was a discount, traded about -18.4% off its 52-week high of $1.48. The share price had its 52-week low at $0.82, which suggests the last value was 34.4% up since then. When we look at New Gold Inc’s average trading volume, we note the 10-day average is 2.34 million shares, with the 3-month average coming to 2.37 million.

Analysts gave the New Gold Inc (NGD) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.73. If we narrow down to specifics, the data shows that 2 out of 11 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 4 recommended NGD as a Hold, 4 felt it is a Buy and 1 rated the stock as Underweight. New Gold Inc’s EPS for the current quarter is expected to be $0.02.

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New Gold Inc (AMEX:NGD) trade information

Instantly NGD was in green as seen at the end of in last trading. With action 10.62%, the performance over the past five days has been green. The jump to weekly highs of 1.2900 on Monday, 11/20/23 added 3.31% to the stock’s daily price. The company’s shares are showing year-to-date upside of 27.55%, with the 5-day performance at 10.62% in the green. However, in the 30-day time frame, New Gold Inc (AMEX:NGD) is 16.82% up. Looking at the short shares, we see there were 2.96 million shares sold at short interest cover period of 1.83 days.

The consensus price target for the stock as assigned by Wall Street analysts is $1.54, meaning bulls need an upside of 18.83% from its current market value. According to analyst projections, NGD’s forecast low is $1.05 with $1.92 as the target high. To hit the forecast high, the stock’s price needs a -53.6% plunge from its current level, while the stock would need to tank 16.0% for it to hit the projected low.

New Gold Inc (NGD) estimates and forecasts

Data shows that the New Gold Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -3.85% over the past 6 months, a 250.00% in annual growth rate that is considerably higher than the industry average of 9.80%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for New Gold Inc will rise 300.00%, while the growth in revenue is estimated to hit 33.30% for the next quarter. Year-over-year growth is forecast to reach 29.20% up from the last financial year.

Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $187.44 million. 1 analysts are of the opinion that New Gold Inc’s revenue for the quarter ending Mar 2024 will be $205.17 million. The company’s revenue for the corresponding quarters a year ago was $162.8 million and $201.6 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 15.10%. The estimates for the next quarter sales put growth at 1.80%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 12.51%. The 2023 estimates are for New Gold Inc earnings to increase by 334.22%, but the outlook for the next 5-year period is at 5.00% per year.

NGD Dividends

New Gold Inc is expected to release its next quarterly earnings report between February 14 and February 19.

New Gold Inc (AMEX:NGD)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.37% of New Gold Inc shares while 48.15% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 48.33%. There are 48.15% institutions holding the New Gold Inc stock share, with Van Eck Associates Corporation the top institutional holder. As of Jun 29, 2023, the company held 9.51% of the shares, roughly 65.1 million NGD shares worth $70.3 million.

Connor Clark & Lunn Investment Management Ltd holds the second largest percentage of outstanding shares, with 2.34% or 16.04 million shares worth $17.32 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were VanEck ETF Trust-VanEck Gold Miners ETF and VanEck ETF Trust-VanEck Junior Gold Miners ETF. With 36.42 million shares estimated at $33.14 million under it, the former controlled 5.32% of total outstanding shares. On the other hand, VanEck ETF Trust-VanEck Junior Gold Miners ETF held about 3.40% of the shares, roughly 23.3 million shares worth around $21.2 million.

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