New Found Gold (NYSE:NFGC) Stock Rating Reaffirmed by Roth Mkm

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

New Found Gold Trading Up 5.3 %

Shares of NYSE:NFGC opened at $3.80 on Tuesday. New Found Gold has a 12 month low of $3.02 and a 12 month high of $5.27. The company has a 50-day moving average price of $3.52 and a 200 day moving average price of $3.57. The company has a market cap of $721.77 million, a price-to-earnings ratio of -11.52 and a beta of 1.22.

New Found Gold (NYSE:NFGC) last announced its quarterly earnings results on Thursday, March 21st. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). As a group, equities analysts forecast that New Found Gold will post -0.31 EPS for the current year.

Institutional Trading of New Found Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sprott Inc. purchased a new stake in New Found Gold in the 3rd quarter worth about $52,000. HM Payson & Co. raised its position in New Found Gold by 144.3% in the 3rd quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock worth $29,000 after purchasing an additional 4,135 shares during the period. National Bank of Canada FI increased its position in shares of New Found Gold by 370.4% during the third 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 during the period. Rathbones Group PLC purchased a new position in shares of New Found Gold during the third quarter worth approximately $198,000. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of New Found Gold by 20.2% during the third 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 during the period. 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.