Market Analysts see New Gold Inc. [NGD] gaining to $1.25. Time to buy?

New Gold Inc. [AMEX: NGD] stock went on a downward path that fall over -3.12% on Thursday, amounting to a one-week price decrease of less than -10.00%. The company report on November 3, 2022 that New Gold Reports 2022 Third Quarter Results.


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(All amounts are in U.S. dollars unless otherwise indicated).

New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) reports third quarter results for the Company as of September 30, 2022. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss the third quarter consolidated results (details are provided at the end of this news release). For detailed information, please refer to the Company’s third 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.

Over the last 12 months, NGD stock dropped by -41.98%. The one-year New Gold Inc. stock forecast points to a potential upside of 24.11. The average equity rating for NGD stock is currently 2.70, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $758.75 million, with 682.00 million shares outstanding and 680.14 million shares in the current float. Compared to the average trading volume of 2.91M shares, NGD stock reached a trading volume of 3291604 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $1.12 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 2.70. 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.

RBC Capital Mkts have made an estimate for New Gold Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on October 03, 2022. The new note on the price target was released on January 18, 2022, representing the official price target for New Gold Inc. stock. Previously, the target price had yet another drop from $1.75 to $1.50, while RBC Capital Mkts kept a Sector Perform rating on NGD stock.

The Average True Range (ATR) for New Gold Inc. is set at 0.07, with the Price to Sales ratio for NGD stock in the period of the last 12 months amounting to 1.13. The Price to Book ratio for the last quarter was 0.43, with the Price to Cash per share for the same quarter was set at 0.49.

NGD Stock Performance Analysis:

New Gold Inc. [NGD] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.00. With this latest performance, NGD shares dropped by -11.76% in over the last four-week period, additionally sinking by -38.62% over the last 6 months – not to mention a drop of -41.98% 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 44.30, with the RSI for the last a single of trading hit 38.52, and the three-weeks RSI is set at 47.04 for New Gold Inc. [NGD]. The present Moving Average for the last 50 days of trading for this stock 0.8414, while it was recorded at 0.8976 for the last single week of trading, and 1.2446 for the last 200 days.

Insight into New Gold Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and New Gold Inc. [NGD] shares currently have an operating margin of +18.13 and a Gross Margin at +21.19. New Gold Inc.’s Net Margin is presently recorded at +18.78.

Return on Equity for this stock inclined to 15.93, with Return on Assets sitting at 5.88.

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.

NGD Stock EPS

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%.

New Gold Inc. [NGD] Insider Position Details

There are presently around $184 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 65,774,834, which is approximately -3.305% of the company’s market cap and around 0.31% of the total institutional ownership; INVESCO LTD., holding 18,217,181 shares of the stock with an approximate value of $15.43 million in NGD stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $14.26 million in NGD stock with ownership of nearly 3.711% of the company’s market capitalization.

Positions in New Gold Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 56 institutional holders increased their position in New Gold Inc. [AMEX:NGD] by around 13,799,129 shares. Additionally, 66 investors decreased positions by around 19,411,679 shares, while 57 investors held positions by with 184,096,393 shares. The mentioned changes placed institutional holdings at 217,307,201 shares, according to the latest SEC report filing. NGD stock had 17 new institutional investments in for a total of 3,483,285 shares, while 28 institutional investors sold positions of 3,520,696 shares during the same period.

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