New Found Gold (NYSE:NFGC) Trading Down 1.9% – Should You Sell?

New Found Gold Corp. (NYSE:NFGC)’s share price was down 1.9% during trading on Monday . The company traded as low as $1.98 and last traded at $2.03. Approximately 1,015,782 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 1,101,352 shares. The stock had previously closed at $2.07.

New Found Gold Stock Performance

The business has a fifty day moving average price of $2.16 and a 200 day moving average price of $1.69. The company has a market capitalization of $493.37 million, a PE ratio of -9.23 and a beta of 1.37.

Institutional Investors Weigh In On New Found Gold

A number of large investors have recently modified their holdings of the stock. Total Wealth Planning & Management Inc. grew its stake in shares of New Found Gold by 7.0% in the second quarter. Total Wealth Planning & Management Inc. now owns 134,200 shares of the company’s stock valued at $191,000 after buying an additional 8,800 shares in the last quarter. Midwest Trust Co acquired a new stake in shares of New Found Gold in the second quarter valued at about $28,000. XTX Topco Ltd acquired a new stake in shares of New Found Gold in the first quarter valued at about $25,000. National Bank of Canada FI grew its stake in shares of New Found Gold by 60.4% in the first quarter. National Bank of Canada FI now owns 66,058 shares of the company’s stock valued at $77,000 after buying an additional 24,876 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of New Found Gold in the first quarter valued at about $52,000. Institutional investors and hedge funds own 3.43% of the company’s stock.

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.