why New Gold Inc. [NGD] is a Good Choice for Investors After New Price Target of $1.08

New Gold Inc. [AMEX: NGD] slipped around -0.06 points on Wednesday, while shares priced at $0.72 at the close of the session, down -7.61%. The company report on August 4, 2022 that New Gold Reports 2022 Second Quarter Results.


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New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE: NGD) reports second quarter results for the Company as of June 30, 2022. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss the second quarter consolidated results (details are provided at the end of this news release). For detailed information, please refer to the Company’s Second Quarter Management’s Discussion and Analysis (MD&A) and Financial Statements that are available on the Company’s website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the “Non-GAAP Financial Performance Measures” section of this news release and the MD&A for more information. Numbered note references throughout this news release are to endnotes which can be found at the end of this news release.

New Gold Inc. stock is now -51.97% down from its year-to-date (YTD) trading value. NGD Stock saw the intraday high of $0.79 and lowest of $0.72 per share. The company’s 52-week high price is 2.02, which means current price is +7.36% above from all time high which was touched on 02/17/22.

Compared to the average trading volume of 4.04M shares, NGD reached a trading volume of 3407352 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about New Gold Inc. [NGD]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NGD shares is $1.08 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NGD stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Canaccord Genuity have made an estimate for New Gold Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 18, 2022. While these analysts kept the previous recommendation, RBC Capital Mkts dropped their target price from $1.75 to $1.50. The new note on the price target was released on September 08, 2021, representing the official price target for New Gold Inc. stock.

The Average True Range (ATR) for New Gold Inc. is set at 0.06, with the Price to Sales ratio for NGD stock in the period of the last 12 months amounting to 0.70. The Price to Book ratio for the last quarter was 0.39, with the Price to Cash per share for the same quarter was set at 0.50.

How has NGD stock performed recently?

New Gold Inc. [NGD] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.44. With this latest performance, NGD shares gained by 2.50% in over the last four-week period, additionally sinking by -61.68% over the last 6 months – not to mention a drop of -33.91% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NGD stock in for the last two-week period is set at 36.74, with the RSI for the last a single of trading hit 34.26, and the three-weeks RSI is set at 37.48 for New Gold Inc. [NGD]. The present Moving Average for the last 50 days of trading for this stock 0.9580, while it was recorded at 0.7786 for the last single week of trading, and 1.4342 for the last 200 days.

New Gold Inc. [NGD]: Deeper insight into the fundamentals

New Gold Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.80.

Earnings analysis for New Gold Inc. [NGD]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NGD. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for New Gold Inc. go to 8.65%.

Insider trade positions for New Gold Inc. [NGD]

There are presently around $159 million, or 60.90% of NGD stock, in the hands of institutional investors. The top three institutional holders of NGD stocks are: VAN ECK ASSOCIATES CORP with ownership of 68,023,303, which is approximately -1.865% of the company’s market cap and around 0.26% of the total institutional ownership; INVESCO LTD., holding 18,217,181 shares of the stock with an approximate value of $13.12 million in NGD stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $12.12 million in NGD stock with ownership of nearly 3.711% of the company’s market capitalization.

57 institutional holders increased their position in New Gold Inc. [AMEX:NGD] by around 14,094,150 shares. Additionally, 70 investors decreased positions by around 17,211,828 shares, while 56 investors held positions by with 189,866,052 shares. The mentioned changes placed institutional holdings at 221,172,030 shares, according to the latest SEC report filing. NGD stock had 13 new institutional investments in for a total of 3,405,390 shares, while 29 institutional investors sold positions of 2,512,253 shares during the same period.

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