With the current price of $1.57, the stock of New Gold Inc. (NYSE:NGD) concluded the trading session seeing its price rise by 0.04 points or at a gain of 2.61% compared to its previous day’s closing price of $1.53. About 5.364 million shares of the stock changed hands on the day. The trading volume of NGD’s shares during the past session compares with the stock’s average daily trading volume of 8.362 million shares. On the other hand, a float of 675 million shares and a weekly performance of 0% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for NGD’s share which suggests that the stock, price of which is currently buoying between $1.49 and $1.58, is prone to a loss of -100%.
The latest data released on July 31, 2020 shows that the short float in the New Gold Inc.’s stock is trending downward as short interest in NGD shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the NGD is currently comprised of 0.94% of the float.
After concluding the day’s trading, price of New Gold Inc. (NYSE:NGD) is $0.03 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $1.76 that was attained on 08/05/20.
The stock has traded as low as $0.3901 in past 52-week, and its current price is 302.46% above from that 52-week low price mark recorded on 03/16/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.22. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 52.63 as 14-days RSI of New Gold Inc. This means that the NGD is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 49.07%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $1.6033 for the NGD’s share while placing it at a 2nd resistance point of $1.6367 to be settled at. But if the stock takes a plunge lower than the 1st support price of $1.5133 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $1.4567.
MACD oscillator is showing a reading of 0.0267 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
CIBC lifted its recommendation for NGD stock from Sector Underperform to Neutral in a review note dated March 18. The stock gets its recommendation downgraded from Neutral to Sector Underperform from the analysts at CIBC in their February 14 note to investors.RBC Capital Mkts analysts resumed covering the stock with recommendation of Underperform rating on December 05.
The average rating of 2.9 for NGD is placing the stock in bullish category at the moment. In a poll by Reuters including 10 analysts in it who kept tracking the New Gold Inc., 6 rated the stock as hold. Others were in different opinions for the NGD. Out of remaining 4 analysts, 2 rated the stock as a buy or strong buy. 2 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that NGD stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 12.76. Stock’s current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 23.8. A comparison of New Gold Inc.’s trailing 12-months P/E ratio of 1.3 implies that it is trading above the industry’s average P/E ratio, which currently is 2.8.