New Found Gold (NYSE:NFGC) Trading Up 3.3% – Time to Buy?

New Found Gold Corp. (NYSE:NFGC) was up 3.3% during mid-day trading on Friday . The stock traded as high as $3.27 and last traded at $3.2450. Approximately 1,224,449 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 1,191,681 shares. The stock had previously closed at $3.14.

New Found Gold Price Performance

The company has a market cap of $787.73 million, a P/E ratio of -14.73 and a beta of 1.34. The company’s 50-day moving average is $2.42 and its two-hundred day moving average is $2.03.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Susquehanna International Group LLP boosted its position in shares of New Found Gold by 173.0% during the third quarter. Susquehanna International Group LLP now owns 175,549 shares of the company’s stock valued at $416,000 after buying an additional 111,249 shares during the last quarter. Merk Investments LLC bought a new position in New Found Gold during the 3rd quarter valued at about $5,589,000. National Bank of Canada FI boosted its holdings in shares of New Found Gold by 18.9% during the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after acquiring an additional 14,566 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of New Found Gold by 912.5% during the 3rd quarter. Millennium Management LLC now owns 258,858 shares of the company’s stock valued at $613,000 after acquiring an additional 233,292 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in shares of New Found Gold in the third quarter worth approximately $223,000. 3.43% of the stock is owned by institutional investors.

New Found Gold Company Profile

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.