New Gold Inc (AMEX: NGD) Could Soar To Much Higher Prices In Coming Months

In the last trading session, 3.3 million New Gold Inc (AMEX:NGD) shares changed hands as the company’s beta touched 1.51. With the company’s per share price at $1.24 changed hands at $0.05 or 4.20% during last session, the market valuation stood at $848.78M. NGD’s last price was a discount, traded about -29.84% off its 52-week high of $1.61. The share price had its 52-week low at $0.82, which suggests the last value was 33.87% up since then. When we look at New Gold Inc’s average trading volume, we note the 10-day average is 3.25 million shares, with the 3-month average coming to 0.92.

New Gold Inc (AMEX:NGD) trade information

Instantly NGD was in green as seen at the end of in last trading. With action -2.36%, the performance over the past five days has been red. The jump to weekly highs of 1.3100 added 4.20% to the stock’s daily price. The company’s shares are showing year-to-date downside of -15.07%, with the 5-day performance at -2.36% in the red. However, in the 30-day time frame, New Gold Inc (AMEX:NGD) is -6.77% down. Looking at the short shares, we see there were 3.61 million shares sold at short interest cover period of 1.17 days.

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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 19.23% over the past 6 months, a 350.00% in annual growth rate that is considerably higher than the industry average of 7.30%.

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 2024 estimates are for New Gold Inc earnings to increase by 344.62%, 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 on February 13.

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 52.05% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 52.24%. There are 52.05% 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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