New Found Gold (NYSE:NFGC) Reaches New 12-Month High – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $3.31 and last traded at $3.18, with a volume of 5938451 shares. The stock had previously closed at $2.77.

New Found Gold Stock Up 2.4%

The firm has a market capitalization of $776.79 million, a PE ratio of -14.52 and a beta of 1.34. The stock’s fifty day simple moving average is $2.39 and its 200 day simple moving average is $2.01.

Hedge Funds Weigh In On New Found Gold

Several institutional investors and hedge funds have recently bought and sold shares of NFGC. R Squared Ltd increased its position in New Found Gold by 66.6% in the third quarter. R Squared Ltd now owns 18,072 shares of the company’s stock worth $43,000 after buying an additional 7,222 shares in the last quarter. Midwest Trust Co bought a new position in shares of New Found Gold during the 2nd quarter valued at approximately $28,000. Waterloo Capital L.P. purchased a new stake in New Found Gold in the 3rd quarter worth approximately $47,000. Fiscal Wisdom Wealth Management LLC bought a new stake in New Found Gold during the 3rd quarter worth approximately $95,000. Finally, Quadrature Capital Ltd purchased a new position in New Found Gold during the second quarter valued at approximately $82,000. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

About New Found Gold

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.