A share of New Gold Inc. (AMEX:NGD) closed at $1.16 per share on Monday, up from $1.15 day before. While New Gold Inc. has overperformed by 0.87%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, NGD rose by 44.31%, with highs and lows ranging from $1.48 to $0.61, whereas the simple moving average jumped by 5.46% in the last 200 days.
Top 5 EV Tech Stocks to Buy for 2023
The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".
Click Here to Download the FREE Report.
Sponsored
On March 03, 2023, Scotiabank started tracking New Gold Inc. (AMEX: NGD) recommending Sector Perform.
Analysis of New Gold Inc. (NGD)
Further, the quarter-over-quarter increase in sales is 15.40%, showing a positive trend in the upcoming months.
New Gold Inc.’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. Taking into account the quick ratio of the company, currently set at 1.50, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and NGD is registering an average volume of 3.13M. On a monthly basis, the volatility of the stock is set at 5.68%, whereas on a weekly basis, it is put at 6.86%, with a loss of -4.13% over the past seven days. Furthermore, long-term investors anticipate a median target price of $1.36, showing growth from the present price of $1.16, which can serve as yet another indication of whether NGD is worth investing in or should be passed over.
How Do You Analyze New Gold Inc. Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.35%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 60.90% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in NGD shares?
The recent increase in stakes in NGD appears to be a result of several institutional investors and hedge funds increasing their positions. Van Eck Associates Corp.’s position in NGD has decreased by -9.86% in the first quarter. The company now owns 65,119,707 shares of the stock, with a value of $70.33 million, following the sale of -7,122,919 additional shares during the last quarter. AzValor Asset Management SGIIC SA made another increased to its shares in NGD during the first quarter, upping its stake by 4.09%. During the last quarter, the company picked up 2,348,582 additional shares for a total stake of worth $64.55 million, bringing number of shares owned by the company to 59,772,234.
During the first quarter, Connor, Clark & Lunn Investment M added a 528,500 position in NGD. Renaissance Technologies LLC purchased an additional 0.35 million shares in the last quarter, increasing its holdings by 2.48%, now holding 14.61 million shares worth $15.77 million. At the end of the first quarter, Sprott Asset Management LP decreased its NGD holdings by -2.20% and now holds 13.34 million NGD shares valued at $14.4 million with the lessened -0.3 million shares during the period. NGD shares are owned by institutional investors to the tune of 60.90% at present.
