New Pacific Metals (NYSEAMERICAN:NEWP) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why
by Mitch Edgeman · The Markets DailyNew Pacific Metals Corp. (NYSEAMERICAN:NEWP – Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.14 and traded as high as $4.67. New Pacific Metals shares last traded at $4.24, with a volume of 1,077,508 shares changing hands.
Analysts Set New Price Targets
Several research analysts recently weighed in on the stock. ATB Cormark Capital Markets assumed coverage on shares of New Pacific Metals in a research report on Friday, February 20th. They issued a “moderate buy” rating on the stock. Roth Mkm restated a “buy” rating and issued a $7.25 price objective on shares of New Pacific Metals in a research report on Monday, May 18th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, New Pacific Metals has an average rating of “Buy” and an average target price of $7.25.
New Pacific Metals Stock Down 11.5%
The stock has a market cap of $783.34 million, a P/E ratio of -212.00 and a beta of 0.90. The firm’s fifty day moving average price is $4.99 and its 200-day moving average price is $4.14.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in NEWP. Equinox Partners Investment Management LLC grew its holdings in shares of New Pacific Metals by 100.1% in the fourth quarter. Equinox Partners Investment Management LLC now owns 5,656,045 shares of the scientific and technical instruments company’s stock worth $19,781,000 after purchasing an additional 2,829,376 shares during the last quarter. Helikon Investments Ltd bought a new position in shares of New Pacific Metals in the fourth quarter worth approximately $8,050,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of New Pacific Metals by 42.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,992,253 shares of the scientific and technical instruments company’s stock worth $10,788,000 after purchasing an additional 1,180,666 shares during the last quarter. Alps Advisors Inc. grew its holdings in shares of New Pacific Metals by 115.9% in the third quarter. Alps Advisors Inc. now owns 2,026,168 shares of the scientific and technical instruments company’s stock worth $5,491,000 after purchasing an additional 1,087,750 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its holdings in shares of New Pacific Metals by 5.8% in the fourth quarter. Jupiter Asset Management Ltd. now owns 13,176,710 shares of the scientific and technical instruments company’s stock worth $46,141,000 after purchasing an additional 722,700 shares during the last quarter. Institutional investors own 22.95% of the company’s stock.
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.