Short Interest in New Gold Inc (Pre-Merger) (NGD) Expands By 0.6%

New Gold Inc (Pre-Merger) (NYSEAMERICAN:NGD) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 11,414,773 shares, an increase of 0.6% from the August 15th total of 11,351,235 shares. Based on an average trading volume of 2,928,281 shares, the days-to-cover ratio is presently 3.9 days.

Shares of New Gold Inc (Pre-Merger) stock traded up $0.17 on Wednesday, reaching $0.96. 13,906,053 shares of the company were exchanged, compared to its average volume of 4,901,909. New Gold Inc has a 1-year low of $0.76 and a 1-year high of $4.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.28 and a quick ratio of 1.38.

Several institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp grew its position in shares of New Gold Inc (Pre-Merger) by 3.4% during the second quarter. Van ECK Associates Corp now owns 83,504,329 shares of the basic materials company’s stock worth $173,690,000 after buying an additional 2,752,495 shares in the last quarter. Exor Investments UK LLP acquired a new position in shares of New Gold Inc (Pre-Merger) during the second quarter worth about $24,315,000. Russell Investments Group Ltd. grew its position in shares of New Gold Inc (Pre-Merger) by 41.1% during the second quarter. Russell Investments Group Ltd. now owns 9,041,028 shares of the basic materials company’s stock worth $18,762,000 after buying an additional 2,633,328 shares in the last quarter. Bank of Montreal Can boosted its holdings in New Gold Inc (Pre-Merger) by 10.6% in the second quarter. Bank of Montreal Can now owns 5,615,256 shares of the basic materials company’s stock valued at $11,680,000 after purchasing an additional 539,254 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in New Gold Inc (Pre-Merger) by 249.0% in the second quarter. Schroder Investment Management Group now owns 3,120,271 shares of the basic materials company’s stock valued at $7,009,000 after purchasing an additional 2,226,280 shares in the last quarter. 51.53% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have recently commented on the company. Canaccord Genuity raised New Gold Inc (Pre-Merger) from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. Royal Bank of Canada downgraded New Gold Inc (Pre-Merger) from a “sector perform” rating to an “underperform” rating and lowered their price objective for the stock from $3.50 to $1.40 in a research report on Wednesday, August 15th. National Bank Financial downgraded New Gold Inc (Pre-Merger) from an “outperform spec overweight” rating to a “sector perform spec overwgt” rating in a research report on Wednesday, August 8th. TD Securities lowered their price objective on New Gold Inc (Pre-Merger) from $1.75 to $1.50 and set a “hold” rating for the company in a research report on Thursday, August 9th. Finally, JPMorgan Chase & Co. downgraded New Gold Inc (Pre-Merger) from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 8th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. New Gold Inc (Pre-Merger) currently has an average rating of “Hold” and an average target price of $2.42.

About New Gold Inc (Pre-Merger)

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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