New Found Gold (NYSE:NFGC) Shares Gap Up to $3.54

New Found Gold Corp. (NYSE:NFGC – Get Rating)’s share price gapped up before the market opened on Friday . The stock had previously closed at $3.54, but opened at $3.64. New Found Gold shares last traded at $3.65, with a volume of 4,867 shares traded.

New Found Gold Price Performance

The stock has a market cap of $617.33 million, a price-to-earnings ratio of -9.26 and a beta of 1.19. The business’s 50 day moving average is $3.76 and its 200 day moving average is $3.76.

Institutional Investors Weigh In On New Found Gold

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp grew its holdings in shares of New Found Gold by 3.8% during the third quarter. Van ECK Associates Corp now owns 3,520,800 shares of the company’s stock worth $12,449,000 after purchasing an additional 129,709 shares during the last quarter. Integrated Advisors Network LLC increased its position in New Found Gold by 29.7% during the fourth quarter. Integrated Advisors Network LLC now owns 599,190 shares of the company’s stock worth $2,421,000 after buying an additional 137,100 shares during the period. Regal Partners Ltd acquired a new position in New Found Gold during the fourth quarter worth approximately $1,483,000. Millennium Management LLC lifted its stake in New Found Gold by 110.6% in the fourth quarter. Millennium Management LLC now owns 212,968 shares of the company’s stock valued at $859,000 after buying an additional 111,824 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of New Found Gold in the fourth quarter valued at approximately $214,000. Institutional investors and hedge funds own 22.12% of the company’s stock.

New Found Gold Company Profile

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New Found Gold Corp., a mineral exploration company, engages in the identification, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 86 mineral licenses and 6,041 claims covering an area of 151,030 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.