New Gold Inc. (NYSE:NGD) is one of the stocks that are grabbing investor focus today: sinking -4.84% or (-0.05 points) to $0.96 from its previous close of $1.01. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 778207 contracts so far this session. NGD shares had a relatively better volume day versus average trading capacity of 7.62 million shares, but with a 0.67 billion float and a -1.94% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for NGD stock indicates that the average analyst price target is $4.01 per share. This means the stock has a potential increase of 317.71% from where the NGD share price has been trading recently which is between $1 and $1.07. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $0.98. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $1.5.
During the recent trading session for New Gold Inc. (NYSE:NGD), the company witnessed their stock drop by $-0.07 over a week and tumble down $-0.24 from the price 20 days ago. When compared to their established 52-week high of $1.56, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/17/19. The recent low of $0.61 stood for a -38.39% since 05/22/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.06 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for NGD is set at $1.3, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for New Gold Inc., the two-week RSI stands at 34.08. This figure suggests that NGD stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current NGD readings is similarly very revealing as it has a stochastic reading of 7.56% at this stage. This figure means that NGD share price today is being overbought.
Technical chart claims that New Gold Inc. (NGD) would settle between $1.05/share to $1.1/share level. However, if the stock price goes below the $0.98 mark, then the market for New Gold Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $0.96 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.01. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at RBC Capital Mkts raised their recommendation on shares of NGD from Underperform to Sector Perform in their opinion released on September 05. JP Morgan analysts have lowered their rating of New Gold Inc. (NYSE:NGD) stock from Neutral to Underweight in a separate flash note issued to investors on May 30. Analysts at Credit Suisse, made their first call for the equity with a Neutral recommendation, according to a research note that dated back to April 16.
NGD equity has an average rating of 3.14, with the figure leaning towards a bullish end. 12 analysts who tracked the company were contacted by Reuters. Amongst them, 11 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 0 analysts rated New Gold Inc. (NYSE:NGD) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
New Gold Inc. (NGD)’s current-quarter revenues are projected to climb by nearly 28.2% to hit $217320, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 55.4% from $604400 to a noteworthy $939520. At the other end of the current quarter income statement, New Gold Inc. is expected to see its adjusted earnings surge by roughly -50% to hit $0.01 per share. For the fiscal year, NGD’s earnings are projected to climb by roughly 11.1% to hit $0.1 per share.