New Found Gold’s (NFGC) “Buy” Rating Reaffirmed at Roth Mkm

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

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

New Found Gold Price Performance

Shares of NFGC stock opened at $4.15 on Wednesday. New Found Gold has a 1-year low of $2.92 and a 1-year high of $5.70. The stock’s 50-day moving average is $4.63 and its 200 day moving average is $4.57. The company has a market cap of $739.74 million, a P/E ratio of -12.58 and a beta of 1.42.

New Found Gold (NYSE:NFGC) last announced its earnings results on Monday, August 14th. The company reported ($0.07) earnings per share for the quarter. On average, analysts anticipate that New Found Gold will post -0.32 EPS for the current year.

Institutional Trading of New Found Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NFGC. Bank of America Corp DE acquired a new stake in shares of New Found Gold during the first quarter worth about $56,000. Virtu Financial LLC acquired a new stake in New Found Gold during the 2nd quarter valued at approximately $71,000. Millennium Management LLC lifted its stake in New Found Gold by 176.3% during the 2nd quarter. Millennium Management LLC now owns 149,820 shares of the company’s stock valued at $673,000 after acquiring an additional 95,604 shares during the period. Royal Bank of Canada lifted its stake in New Found Gold by 45.3% during the 3rd quarter. Royal Bank of Canada now owns 14,833 shares of the company’s stock valued at $52,000 after acquiring an additional 4,625 shares during the period. Finally, Two Sigma Investments LP acquired a new position in shares of New Found Gold in the 3rd quarter valued at about $36,000. Institutional investors and hedge funds own 3.43% of the company’s stock.

New Found Gold Company Profile

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.