New Gold Inc (AMEX: NGD) Investing Potential Is $1.80

During the last session, New Gold Inc (AMEX:NGD)’s traded shares were 15.43 million, with the beta value of the company hitting 1.55. At the end of the trading day, the stock’s price was $1.80, reflecting an intraday gain of 5.26% or $0.09. The company’s market capitalization is $1.23B, and the average intraday trading volume over the past 10 days was 7.4 million shares, and the average trade volume was 5.54 million shares over the past three months.

New Gold Inc (AMEX:NGD) trade information

New Gold Inc (NGD) registered a 5.26% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 5.26% in intraday trading to $1.80, hitting a weekly high. The stock’s 5-day price performance is 13.92%, and it has moved by 27.66% in 30 days. Based on these gigs, the overall price performance for the year is 63.64%. The short interest in New Gold Inc (AMEX:NGD) is 3.87 million shares and it means that shorts have 0.47 day(s) to cover.

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New Gold Inc (NGD) estimates and forecasts

Statistics show that New Gold Inc has underperformed its competitors in share price, compared to the industry in which it operates. New Gold Inc (NGD) shares have gone up 101.93% during the last six months, with a year-to-date growth rate less than the industry average at -14.29% against 3.30. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to shrink -100.00% this quarter and then drop -100.00% in the quarter after that. In the rating firms’ projections, revenue will increase 7.90% compared to the previous financial year.

Revenue for the current quarter is expected to be $189.61 million as predicted by 1 analyst(s). Meanwhile, a consensus of 1 analyst(s) estimates revenue growth to $199.25 million by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $201.6 million and $182.34 million respectively. In this case, analysts expect current quarter sales to shrink by -5.90% and then jump by 9.30% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 46.46%. While earnings are projected to return 44.38% in 2024, the next five years will return 5.00% per annum.

NGD Dividends

New Gold Inc is due to release its next quarterly earnings between April 24 and April 29. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

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

New Gold Inc insiders own 5.79% of total outstanding shares while institutional holders control 50.85%, with the float percentage being 53.97%. Van Eck Associates Corporation is the largest shareholder of the company, while 238 institutions own stock in it. As of Jun 29, 2023, the company held over 65.1 million shares (or 9.51% of all shares), a total value of $70.3 million in shares.

The next largest institutional holding, with 16.04 million shares, is of Connor Clark & Lunn Investment Management Ltd’s that is approximately 2.34% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $17.32 million.

Also, the Mutual Funds coming in first place with the largest holdings of New Gold Inc (NGD) shares are VanEck ETF Trust-VanEck Gold Miners ETF and VanEck ETF Trust-VanEck Junior Gold Miners ETF. Data provided on Sep 29, 2023 indicates that VanEck ETF Trust-VanEck Gold Miners ETF owns about 36.42 million shares. This amounts to just over 5.32 percent of the company’s overall shares, with a $33.14 million market value. The same data shows that the other fund manager holds slightly less at 23.3 million, or about 3.40% of the stock, which is worth about $21.2 million.