Taking a Closer Look At New Gold Inc. (NGD) Following Its Recent Trade

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Meanwhile, TD Securities downgraded its New Gold Inc. [NGD] rating to a Reduce from a a Hold in a research note published on Tuesday. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who increased its forecast for the stock in early October from “a Sector perform” to “an Outperform”. Canaccord Genuity also remained covering NGD and has decreased its forecast on January 18, 2022 with a “Hold” recommendation from previously “Buy” rating. RBC Capital Mkts revised its rating on September 08, 2021. It rated NGD as “a Sector perform” which previously was an “an Underperform”.


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Price Performance Review of NGD

On Tuesday, New Gold Inc. [AMEX:NGD] saw its stock remained unchanged to $1.17. On the same session, the stock had its day’s lowest price of $1.15, but rose to a high of $1.20. Over the last five days, the stock has gained 8.33%. New Gold Inc. shares have risen nearly 19.39% since the year began. Nevertheless, the stocks have fallen -28.22% over the past one year. While a 52-week high of $2.02 was reached on 01/24/23, a 52-week low of $0.61 was recorded on 01/03/23. SMA at 50 days reached $1.0773, while 200 days put it at $1.0599. A total of 2.65 million shares were traded, compared to the trading of 3.57 million shares in the previous session.

Levels Of Support And Resistance For NGD Stock

The 24-hour chart illustrates a support level at 1.1467, which if violated will result in even more drops to 1.1233. On the upside, there is a resistance level at 1.1967. A further resistance level may holdings at 1.2233. The Relative Strength Index (RSI) on the 14-day chart is 63.90, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.0586, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 15.79%. Stochastics %K at 89.62% indicates the stock is a selling.

How much short interest is there in New Gold Inc.?

A steep rise in short interest was recorded in New Gold Inc. stocks on Oct 13, 2022, dropping by -5.39 million shares to a total of 7.73 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 13.12 million shares. There was a decline of -69.73%, which implies that there is a negative sentiment for the stock.

New Gold Inc. [NGD] – Who Are The Largest Shareholders?

In filings from Van Eck Associates Corp., it is revealed that the company now owns 66,282,805 shares, or roughly 9.72% of the outstanding NGD shares. In other words, the investor’s shares have risen by 507,971 from its previous 13-F filing of 65774834.0. Additionally, AzValor Asset Management SGIIC SA increased 24.27% of its stake after which the total value it holdings stand at $56,275,179. Over the last quarter, Renaissance Technologies LLC sold -1,430,244 shares of New Gold Inc., while Connor, Clark & Lunn Investment M sold -450,500 shares. At present, Sprott Asset Management LP is holding 13,648,591 shares valued at $13.38 million. Amundi Deutschland GmbH owned 12,226,637 shares of the company at the time of its most recent 13F filing, worth $11.98 million.

According to FactSet, New Gold Inc.’s share price will average $1.31 in the next year, based on opinions of analysts polled by the firm. This is up nearly 6.84 percent from its previous closing price of $1.17. Analysts expect New Gold Inc. stock to reach the higher price of $2.04, while the lowest price estimate is $0.95. However, 11 analysts have rated NGD stock as a Hold in their predictions for 2023.

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