New Found Gold (NYSE:NFGC) Given Buy Rating at Roth Mkm

Roth Mkm restated their buy rating on shares of New Found Gold (NYSE:NFGC) in a report issued on Tuesday, Benzinga reports. Roth Mkm currently has a $9.00 price target on the stock.

Separately, Roth Capital restated a buy rating on shares of New Found Gold in a report on Tuesday, August 15th.

New Found Gold Stock Performance

NFGC opened at $4.52 on Tuesday. The company’s 50 day simple moving average is $4.68 and its 200 day simple moving average is $4.55. New Found Gold has a 1 year low of $2.92 and a 1 year high of $5.70. The stock has a market capitalization of $805.69 million, a PE ratio of -13.70 and a beta of 1.40.

New Found Gold (NYSE:NFGC) last released its earnings results on Monday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter. As a group, sell-side analysts expect that New Found Gold will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NFGC. Van ECK Associates Corp raised its stake in shares of New Found Gold by 39.9% during the first quarter. Van ECK Associates Corp now owns 4,810,033 shares of the company’s stock valued at $23,773,000 after purchasing an additional 1,371,234 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of New Found Gold during the first quarter valued at approximately $58,000. HM Payson & Co. raised its stake in shares of New Found Gold by 643.0% during the first quarter. HM Payson & Co. now owns 7,430 shares of the company’s stock valued at $37,000 after purchasing an additional 6,430 shares during the period. Regal Partners Ltd purchased a new stake in shares of New Found Gold during the fourth quarter valued at approximately $1,483,000. Finally, Royal Bank of Canada raised its stake in shares of New Found Gold by 45.3% during the third quarter. Royal Bank of Canada now owns 14,833 shares of the company’s stock valued at $52,000 after purchasing an additional 4,625 shares during the period. Hedge funds and other institutional investors own 3.43% of the company’s stock.

About New Found Gold

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 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.