New Gold (NGD) Stock Slides as Market Rises: Facts to Know Before You Trade
New Gold (NGD) closed the latest trading day at $2.59, indicating a -1.15% change from the previous session's end. This change lagged the S&P 500's 1.26% gain on the day. Meanwhile, the Dow gained 0.8%, and the Nasdaq, a tech-heavy index, added 1.77%.Shares of the gold mining company witnessed a loss of 8.71% over the previous month, beating the performance of the Basic Materials sector with its loss of 9.43% and underperforming the S&P 500's loss of 2.82%.Analysts and investors alike will be keeping a close eye on the performance of New Gold in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.06, signifying a 700% increase compared to the same quarter of the previous year.Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for New Gold. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been a 0.96% rise in the Zacks Consensus EPS estimate. New Gold is currently sporting a Zacks Rank of #3 (Hold).Digging into valuation, New Gold currently has a Forward P/E ratio of 9.98. This signifies no noticeable deviation in comparison to the average Forward P/E of 9.98 for its industry.The Mining - Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 87, which puts it in the top 35% of all 250+ industries.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report New Gold Inc. (NGD): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
Quelle: Zacks
