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Why Buy Stock In New Gold Inc. (NGD)?

New Gold Inc. (AMEX:NGD) has a beta value of 1.46 and has seen 0.5 million shares traded in the recent trading session. The company, currently valued at…

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This article was originally published by The Marketing Sentinal

New Gold Inc. (AMEX:NGD) has a beta value of 1.46 and has seen 0.5 million shares traded in the recent trading session. The company, currently valued at $753.49M, closed the recent trade at $1.13 per share which meant it lost -$0.01 on the day or -0.44% during that session. The NGD stock price is -78.76% off its 52-week high price of $2.02 and 46.02% above the 52-week low of $0.61. If we look at the company’s 10-day average daily trading volume, we find that it stood at 2.47 million shares traded. The 3-month trading volume is 3.14 million shares.

The consensus among analysts is that New Gold Inc. (NGD) is a Hold stock at the moment, with a recommendation rating of 2.80. 1 analysts rate the stock as a Sell, while 0 rate it as Overweight. 5 out of 11 have rated it as a Hold, with 4 advising it as a Buy. 1 have rated the stock as Underweight.

New Gold Inc. (AMEX:NGD) trade information

Sporting -0.44% in the red today, the stock has traded in the green over the last five days, with the highest price hit on Friday, 01/20/23 when the NGD stock price touched $1.13 or saw a rise of 1.74%. Year-to-date, New Gold Inc. shares have moved 16.33%, while the 5-day performance has seen it change 1.79%. Over the past 30 days, the shares of New Gold Inc. (AMEX:NGD) have changed 16.33%. Short interest in the company has seen 4.49 million shares shorted with days to cover at 1.17.

Wall Street analysts have a consensus price target for the stock at $1.31, which means that the shares’ value could jump 13.74% from the levels at last check today. The projected low price target is $0.85 while the price target rests at a high of $2.04. In that case, then, we find that the latest price level in today’s session is -80.53% off the targeted high while a plunge would see the stock lose 24.78% from the levels at last check today.

New Gold Inc. (NGD) estimates and forecasts

Figures show that New Gold Inc. shares have underperformed across the wider relevant industry. The company’s shares have gained 57.24% over the past 6 months, with this year growth rate of -158.33%, compared to -2.20% for the industry. Revenue growth from the last financial year stood is estimated to be -19.20%.

4 analysts offering their estimates for the company have set an average revenue estimate of $161.31 million for the current quarter. 1 have an estimated revenue figure of $159.79 million for the next quarter concluding in Mar 2023. Year-ago sales stood $202.6 million and $174.7 million respectively for this quarter and the next, and analysts expect sales will shrink by -20.40% for the current quarter and -8.50% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 2.78% over the past 5 years. Earnings growth for 2023 is a modest -125.00% while over the next 5 years, the company’s earnings are expected to increase by 5.00%.

NGD Dividends

New Gold Inc. is expected to release its next earnings report on February 16 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

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

Insiders own 0.31% of the company shares, while shares held by institutions stand at 51.71% with a share float percentage of 51.87%. Investors are also buoyed by the number of investors in a company, with New Gold Inc. having a total of 214 institutions that hold shares in the company. The top two institutional holders are Van Eck Associates Corporation with over 65.77 million shares worth more than $74.65 million. As of Sep 29, 2022, Van Eck Associates Corporation held 9.64% of shares outstanding.

The other major institutional holder is Invesco Ltd., with the holding of over 18.22 million shares as of Sep 29, 2022. The firm’s total holdings are worth over $20.68 million and represent 2.67% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are VanEck ETF Trust-VanEck Gold Miners ETF and VanEck ETF Trust-VanEck Junior Gold Miners ETF. As of Nov 29, 2022, the former fund manager holds about 5.50% shares in the company for having 37.51 million shares of worth $42.57 million while later fund manager owns 25.36 million shares of worth $28.79 million as of Nov 29, 2022, which makes it owner of about 3.72% of company’s outstanding stock.

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