FY2024 EPS Estimates for New Found Gold Corp. Boosted by Analyst (NYSE:NFGC)

New Found Gold Corp. (NYSE:NFGC) – Analysts at Roth Capital increased their FY2024 earnings per share (EPS) estimates for New Found Gold in a research note issued on Monday, April 8th. Roth Capital analyst M. Niehuser now forecasts that the company will earn ($0.27) per share for the year, up from their prior estimate of ($0.28). The consensus estimate for New Found Gold’s current full-year earnings is ($0.31) per share.

New Found Gold (NYSE:NFGC) last issued its quarterly earnings results on Thursday, March 21st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01).

Separately, Roth Mkm upped their price target on New Found Gold from $8.50 to $9.00 and gave the stock a “buy” rating in a research report on Monday.

New Found Gold Trading Down 0.5 %

Shares of NFGC stock opened at $3.84 on Thursday. The business’s fifty day simple moving average is $3.45 and its 200-day simple moving average is $3.60. The company has a market cap of $727.41 million, a PE ratio of -11.64 and a beta of 1.22. New Found Gold has a 12-month low of $3.02 and a 12-month high of $5.70.

Institutional Investors Weigh In On New Found Gold

Hedge funds have recently added to or reduced their stakes in the business. Sprott Inc. purchased a new stake in New Found Gold in the third quarter valued at $52,000. HM Payson & Co. boosted its stake in shares of New Found Gold by 144.3% during the 3rd quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock worth $29,000 after acquiring an additional 4,135 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of New Found Gold by 370.4% during the 3rd quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock worth $74,000 after acquiring an additional 15,000 shares in the last quarter. Rathbones Group PLC purchased a new stake in shares of New Found Gold during the 3rd quarter worth about $198,000. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of New Found Gold by 20.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock worth $81,000 after acquiring an additional 3,276 shares in the last quarter. 3.43% of the stock is owned by hedge funds and other institutional investors.

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.