Millennium Management LLC Buys 633,722 Shares of New Found Gold Corp. (NYSE:NFGC)

Millennium Management LLC grew its stake in New Found Gold Corp. (NYSE:NFGC) by 668.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 728,567 shares of the company’s stock after acquiring an additional 633,722 shares during the quarter. Millennium Management LLC owned 0.36% of New Found Gold worth $1,323,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in New Found Gold in the fourth quarter worth $34,000. National Bank of Canada FI boosted its holdings in New Found Gold by 58.8% in the fourth quarter. National Bank of Canada FI now owns 41,182 shares of the company’s stock worth $74,000 after acquiring an additional 15,256 shares in the last quarter. Aristides Capital LLC bought a new stake in New Found Gold in the fourth quarter worth $75,000. Bank of Montreal Can boosted its holdings in New Found Gold by 7.6% in the fourth quarter. Bank of Montreal Can now owns 85,430 shares of the company’s stock worth $154,000 after acquiring an additional 5,998 shares in the last quarter. Finally, Sprott Inc. bought a new stake in New Found Gold in the fourth quarter worth $178,000. 3.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Roth Mkm decreased their price target on New Found Gold from $9.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, March 10th.

New Found Gold Trading Down 6.7%

NFGC opened at $1.54 on Wednesday. The company’s 50 day moving average is $1.20 and its 200 day moving average is $1.54. The company has a market cap of $309.17 million, a price-to-earnings ratio of -7.00 and a beta of 1.12. New Found Gold Corp. has a 12-month low of $0.93 and a 12-month high of $3.65.

About New Found Gold

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; and the Kingsway project located in Gander, Newfoundland.