Virtu Financial LLC Makes New Investment in New Gold Inc. (NYSE:NGD)

Virtu Financial LLC bought a new stake in New Gold Inc. (NYSE:NGD) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 326,770 shares of the company’s stock, valued at approximately $941,000.

A number of other institutional investors and hedge funds also recently modified their holdings of NGD. Scientech Research LLC purchased a new position in New Gold in the second quarter worth $28,000. Allworth Financial LP raised its stake in shares of New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares during the period. Eastern Bank purchased a new position in shares of New Gold in the 3rd quarter worth about $33,000. Rathbones Group PLC bought a new position in New Gold during the second quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new stake in New Gold during the third quarter worth about $58,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Performance

Shares of NGD stock opened at $2.77 on Friday. The firm’s 50 day moving average is $2.80 and its 200 day moving average is $2.52. The stock has a market capitalization of $2.19 billion, a P/E ratio of 138.50 and a beta of 1.32. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last posted its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.04. The firm had revenue of $252.00 million for the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. On average, sell-side analysts anticipate that New Gold Inc. will post 0.18 earnings per share for the current year.

Wall Street Analyst Weigh In

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