New Pacific Metals (NYSEAMERICAN:NEWP) Shares Gap Up – Should You Buy?
by Scott Moore · The Cerbat GemNew Pacific Metals Corp. (NYSEAMERICAN:NEWP – Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $4.57, but opened at $4.99. New Pacific Metals shares last traded at $5.0250, with a volume of 220,654 shares traded.
Analyst Upgrades and Downgrades
NEWP has been the topic of several research reports. ATB Cormark Capital Markets initiated coverage on New Pacific Metals in a research note on Friday, February 20th. They set a “moderate buy” rating on the stock. Roth Mkm restated a “buy” rating and set a $7.25 price objective on shares of New Pacific Metals in a research note on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $7.25.
Read Our Latest Report on New Pacific Metals
New Pacific Metals Stock Up 6.1%
The company has a 50 day simple moving average of $5.03 and a 200-day simple moving average of $4.22. The stock has a market cap of $896.22 million, a price-to-earnings ratio of -242.75 and a beta of 0.90.
Hedge Funds Weigh In On New Pacific Metals
Institutional investors have recently made changes to their positions in the stock. Barclays PLC bought a new position in shares of New Pacific Metals during the fourth quarter valued at approximately $27,000. Dimensional Fund Advisors LP bought a new position in shares of New Pacific Metals during the third quarter valued at approximately $32,000. Jane Street Group LLC bought a new position in shares of New Pacific Metals during the second quarter valued at approximately $44,000. Virtu Financial LLC bought a new position in shares of New Pacific Metals during the third quarter valued at approximately $50,000. Finally, J.W. Cole Advisors Inc. bought a new position in shares of New Pacific Metals during the fourth quarter valued at approximately $53,000. 22.95% of the stock is owned by institutional investors.
About New Pacific Metals
New Pacific Metals Corp., together with its subsidiaries, engages in the exploration and development of mineral properties in Bolivia and Canada. The company explores for silver, gold, lead, and zinc deposits. Its flagship property is the Silver Sand property covering an area of 5.42 square kilometers located in the Potosà Department, Bolivia. The company was formerly known as New Pacific Holdings Corp. and changed its name to New Pacific Metals Corp. in July 2017. New Pacific Metals Corp. is headquartered in Vancouver, Canada.