New Found Gold (NYSE:NFGC) Trading Up 5.5%

New Found Gold Corp. (NYSE:NFGCGet Free Report) was up 5.5% during trading on Friday . The stock traded as high as $2.90 and last traded at $2.89. Approximately 169,846 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 299,395 shares. The stock had previously closed at $2.74.

Wall Street Analyst Weigh In

Separately, Roth Mkm reiterated a “buy” rating and issued a $9.00 price objective on shares of New Found Gold in a research note on Tuesday, April 23rd.

Check Out Our Latest Stock Analysis on New Found Gold

New Found Gold Stock Performance

The company’s fifty day simple moving average is $3.35 and its two-hundred day simple moving average is $3.41. The stock has a market capitalization of $557.82 million, a PE ratio of -9.67 and a beta of 1.12.

New Found Gold (NYSE:NFGCGet Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Sell-side analysts forecast that New Found Gold Corp. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On New Found Gold

A number of hedge funds and other institutional investors have recently modified their holdings of NFGC. Quadrature Capital Ltd purchased a new stake in shares of New Found Gold during the fourth quarter worth about $38,000. Sprott Inc. purchased a new stake in New Found Gold in the third quarter valued at approximately $52,000. 1832 Asset Management L.P. purchased a new stake in New Found Gold in the fourth quarter valued at approximately $88,000. Cetera Advisors LLC purchased a new stake in New Found Gold in the first quarter valued at approximately $93,000. Finally, HM Payson & Co. grew its holdings in New Found Gold by 213.3% in the first quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after purchasing an additional 32,000 shares during the period. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

New Found Gold Company Profile

(Get Free Report)

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland.

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