New Gold Inc (AMEX:NGD) shares, rose in value, with the stock price down by -1.97% to the previous day’s close as strong demand from buyers drove the stock to $2.99.
Actively observing the price movement in the last trading, the stock closed the session at $3.05, falling within a range of $2.99 and $3.19. The value of beta (5-year monthly) was 1.57. Referring to stock’s 52-week performance, its high was $3.20, and the low was $0.86. On the whole, NGD has fluctuated by 13.26% over the past month.
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With the market capitalization of New Gold Inc currently standing at about $2.36 billion, investors are eagerly awaiting this quarter’s results, scheduled for in October.
Projections by analysts suggest varying estimates for the company’s quarterly revenue. Analysts have estimated the company’s revenue for the quarter at 969.77M, with a low estimate of 265.29M and a high estimate of 265.29M. Wall Street analysts also predicted that the company’s y-o-y revenues would reach 265.29M.
Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that NGD’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium-term indicators have put the stock in the category of 100% Buy while long-term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the price of NGD currently trading nearly 14.01% and 24.25% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 67.11, while the 7-day volatility ratio is showing 6.32% which for the 30-day chart, stands at 4.63%. Furthermore, New Gold Inc (NGD)’s beta value is 1.28, and its average true range (ATR) is 0.14.
A comparison of New Gold Inc (NGD) with its peers suggests the former has fared considerably weaker in the market. NGD showed an intraday change of -1.97% in last session, and over the past year, it grew by 184.76%%.
Data on historical trading for New Gold Inc (AMEX:NGD) indicates that the trading volumes over the past 10 days have averaged 11.72 and over the past 3 months, they’ve averaged 8.18 million. According to company’s latest data on outstanding shares, there are 790.60 million shares outstanding.
Nearly 4.94% of New Gold Inc’s shares belong to company insiders and institutional investors own 50.56% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 7.4 million shares as on 2024-08-30, resulting in a short ratio of 0.86. The stock has risen by 104.79% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NGD stock heading into the next quarter.
