New Gold Inc [AMEX: NGD] stock went on an upward path that rose over 6.96% on Wednesday, amounting to a one-week price decrease of less than -0.59%. The company report on March 25, 2024 at 5:00 PM that NEW GOLD APPOINTS RICHARD O’BRIEN TO THE BOARD OF DIRECTORS.
Ian Pearce to retire August 1st, 2024 and Mr. O’Brien to transition to Chair of the Board.
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New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) is pleased to announce that Richard O’Brien has been appointed to its Board of Directors (the “Board”) effective immediately and will stand for election by shareholders at New Gold’s Annual General Meeting on May 14, 2024 (the “AGM”). Ian Pearce has informed the Board that he will retire from the Board on August 1, 2024. Following the AGM, it is expected that the Board will appoint Mr. O’Brien as Chair upon Mr. Pearce’s retirement from the Board. Mr. Pearce will assist Mr. O’Brien in transitioning into the role over the coming months.
Over the last 12 months, NGD stock rose by 57.94%. The one-year New Gold Inc stock forecast points to a potential downside of -1.2. The average equity rating for NGD stock is currently 2.73, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.16 billion, with 687.01 million shares outstanding and 646.84 million shares in the current float. Compared to the average trading volume of 5.24M shares, NGD stock reached a trading volume of 7857888 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 $1.67 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 2.73. 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.
Scotiabank have made an estimate for New Gold Inc shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on March 03, 2023. The new note on the price target was released on December 06, 2022, representing the official price target for New Gold Inc stock. Previously, the target price had yet another raise from $1 to $1.25, while RBC Capital Mkts kept a Outperform rating on NGD stock.
The Average True Range (ATR) for New Gold Inc is set at 0.10, with the Price to Sales ratio for NGD stock in the period of the last 12 months amounting to 1.48. The Price to Book ratio for the last quarter was 1.47, with the Price to Cash per share for the same quarter was set at 0.28.
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 -0.59. With this latest performance, NGD shares gained by 49.56% in over the last four-week period, additionally plugging by 83.60% over the last 6 months – not to mention a rise of 57.94% 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 63.88, with the RSI for the last a single of trading hit 64.59, and the three-weeks RSI is set at 62.52 for New Gold Inc [NGD]. The present Moving Average for the last 50 days of trading for this stock 1.3538, while it was recorded at 1.6140 for the last single week of trading, and 1.2148 for the last 200 days.
Insight into New Gold Inc Fundamentals:
New Gold Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.98 and a Current Ratio set at 1.54.
NGD Stock EPS
With the latest financial reports released by the company, New Gold Inc posted 0.03/share EPS, while the average EPS was predicted by analysts to be reported at 0.01/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 200.00%. 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 5.00%.
New Gold Inc [NGD] Institutonal Ownership Details
The top three institutional holders of NGD stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in NGD stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in NGD stock with ownership which is approximately 5.8325%.
