New Found Gold (NYSE:NFGC) Stock Price Down 1.6% – Time to Sell?

New Found Gold Corp. (NYSE:NFGC)’s share price dropped 1.6% during trading on Wednesday . The stock traded as low as $3.01 and last traded at $3.08. Approximately 2,512,242 shares changed hands during trading, an increase of 34% from the average daily volume of 1,877,993 shares. The stock had previously closed at $3.13.

New Found Gold Price Performance

The stock has a market capitalization of $748.83 million, a price-to-earnings ratio of -14.00 and a beta of 1.31. The firm’s fifty day moving average is $2.78 and its 200-day moving average is $2.23.

Hedge Funds Weigh In On New Found Gold

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