New Pacific Metals Corp. (NYSEAMERICAN:NEWP – Get Free Report) shares shot up 6% on Friday. The company traded as high as $6.56 and last traded at $6.6150. Approximately 75,762 shares changed hands during trading, a decline of 92% from the average daily volume of 929,044 shares. The stock had previously closed at $6.24.
Analyst Upgrades and Downgrades
Separately, Roth Capital reissued a “buy” rating and set a $8.75 price objective on shares of New Pacific Metals in a research note on Thursday, September 17th. Four analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $8.75.
Check Out Our Latest Analysis on New Pacific Metals
New Pacific Metals Price Performance
The firm’s 50 day simple moving average is $6.42 and its 200-day simple moving average is $5.31. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -328.55 and a beta of 0.97.
Institutional Trading of New Pacific Metals
Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC purchased a new stake in shares of New Pacific Metals in the first quarter valued at $1,493,000. Bank of America Corp DE purchased a new position in shares of New Pacific Metals during the 2nd quarter worth about $2,378,000. Equinox Partners Investment Management LLC boosted its holdings in shares of New Pacific Metals by 100.1% in the 4th quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock valued at $19,781,000 after purchasing an additional 2,829,376 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of New Pacific Metals in the 2nd quarter worth $329,000. Finally, Legal & General Group Plc purchased a new position in shares of New Pacific Metals in the 2nd quarter worth about $354,000. 22.95% of the stock is currently owned by hedge funds and other institutional investors.
About New Pacific Metals
New Pacific Metals Corp. is a Canadian mineral exploration and development company focused on discovering and advancing precious-metal projects in Bolivia. The company’s portfolio is centered on silver, with its activities involving geological exploration, resource evaluation, engineering studies and permitting rather than the operation of producing mines.
New Pacific’s flagship asset is the Silver Sand project in the Potosà Department of Bolivia. The company is also advancing the Carangas project in Bolivia’s Oruro Department and the Silverstrike project in the La Paz Department.
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