New Found Gold (NYSE:NFGC) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of New Found Gold (NYSE:NFGC) from a hold rating to a strong sell rating in a research report report published on Thursday,Zacks.com reports.

New Found Gold Trading Up 6.0%

NYSE NFGC opened at $1.78 on Thursday. The firm has a market capitalization of $432.77 million, a PE ratio of -8.09 and a beta of 1.30. The business’s 50-day moving average price is $2.64 and its two-hundred day moving average price is $2.54. New Found Gold has a 12 month low of $0.93 and a 12 month high of $3.59.

Institutional Trading of New Found Gold

Institutional investors have recently bought and sold shares of the company. Cladis Investment Advisory LLC bought a new position in shares of New Found Gold during the 4th quarter worth about $30,000. Hsbc Holdings PLC bought a new stake in New Found Gold in the 4th quarter valued at about $39,000. R Squared Ltd raised its stake in New Found Gold by 66.6% during the 3rd quarter. R Squared Ltd now owns 18,072 shares of the company’s stock worth $43,000 after buying an additional 7,222 shares during the period. Waterloo Capital L.P. acquired a new position in New Found Gold during the 3rd quarter worth approximately $47,000. Finally, Oppenheimer & Co. Inc. bought a new position in New Found Gold in the fourth quarter worth approximately $48,000. Institutional investors own 3.43% of the company’s stock.

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.