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Why New Gold Inc. (AMEX: NGD) Stock Shouldn’t Be Ignored In 2022

In the last trading session, 1.73 million shares of the New Gold Inc. (AMEX:NGD) were traded, and its beta was 1.86. Most recently the company’s share…



This article was originally published by The Marketing Sentinal

In the last trading session, 1.73 million shares of the New Gold Inc. (AMEX:NGD) were traded, and its beta was 1.86. Most recently the company’s share price was $0.81, and it changed around -$0.01 or -0.59% from the last close, which brings the market valuation of the company to $653.80M. NGD currently trades at a discount to its 52-week high of $2.02, offering almost -149.38% off that amount. The share price’s 52-week low was $0.67, which indicates that the current value has risen by an impressive 17.28% since then. We note from New Gold Inc.’s average daily trading volume that its 10-day average is 2.7 million shares, with the 3-month average coming to 4.70 million.

New Gold Inc. stock received a consensus recommendation rating of a Hold, based on a mean score of 2.80. If we narrow it down even further, the data shows that 0 out of 12 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 8 recommended NGD as a Hold, whereas 3 deemed it a Buy, and 1 rated it as Underweight. New Gold Inc. is expected to report earnings per share of $0.03 for the current quarter.

New Gold Inc. (AMEX:NGD) trade information

Instantly NGD has showed a red trend with a performance of -0.59% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 0.8300 on Monday, 08/01/22 increased the stock’s daily price by 2.41%. The company’s shares are currently down -45.84% year-to-date, but still up 14.92% over the last five days. On the other hand, New Gold Inc. (AMEX:NGD) is -24.07% up in the 30-day period. We can see from the shorts that 4.06 million shares have been sold at a short interest cover period of 0.76 day(s).

The consensus price target as assigned by Wall Street analysts is $1.21, which translates to bulls needing to increase their stock price by 33.06% from its current value. Analyst projections state that NGD is forecast to be at a low of $0.78 and a high of $2.11. In order for the stock price to hit the forecast high, the stock would need to plunge -160.49% from its current level, while the stock would need to crash 3.7% from its current level to reach the projected low.

New Gold Inc. (NGD) estimates and forecasts

New Gold Inc. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -46.90 percent over the past six months and at a -116.67% annual growth rate that is well below the industry average of 7.10%. Moreover, analysts have decided to roll up on their fiscal year 2022 revenue estimates. The rating firms predict that it will loss -25.00% in revenue this quarter, and will report an increase of 33.30% in the next quarter. The year-over-year growth rate is expected to be 1.80%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $183.53 million in revenue for the current quarter. 2 analysts expect New Gold Inc. to make $197.82 million in revenue for the quarter ending Sep 2022. The company’s sales for the same quarters a year ago were $198.2 million and $179.8 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -7.40%. Forecasts for the next quarter put sales growth at 10.00%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -12.39%. New Gold Inc. earnings are expected to increase by 8.30% in 2022, but the outlook is positive 8.65% per year for the next five years.

NGD Dividends

New Gold Inc.’s next quarterly earnings report is expected to be released around February 16 and February 21.

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

Upon looking at major shareholders, it appears that insiders hold 0.26% of New Gold Inc. shares, and 54.77% of them are in the hands of institutional investors. The stock currently has a share float of 54.91%. New Gold Inc. stock is held by 255 institutions, with Van Eck Associates Corporation being the largest institutional investor. By Mar 30, 2022, it held 10.17% of the shares, which is about 69.32 million shares worth $124.77 million.

Renaissance Technologies, LLC, with 2.40% or 16.36 million shares worth $24.54 million as of Dec 30, 2021, holds the second largest percentage of outstanding shares.

VanEck ETF Trust-VanEck Gold Miners ETF and VanEck ETF Trust-VanEck Junior Gold Miners ETF were the top two Mutual Funds as of Dec 30, 2021. The former held 30.4 million shares worth $45.61 million, making up 4.46% of all outstanding shares. On the other hand, VanEck ETF Trust-VanEck Junior Gold Miners ETF held roughly 29.28 million shares worth around $50.66 million, which represents about 4.30% of the total shares outstanding.

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