New Found Gold (NYSE:NFGC) Earns Buy Rating from Roth Mkm

Roth Mkm reiterated their buy rating on shares of New Found Gold (NYSE:NFGC) in a report published on Tuesday, Benzinga reports. They currently have a $9.00 target price on the stock.

New Found Gold Price Performance

NYSE:NFGC opened at $3.69 on Tuesday. New Found Gold has a 1-year low of $3.02 and a 1-year high of $5.27. The business’s fifty day moving average price is $3.54 and its 200 day moving average price is $3.57.

New Found Gold (NYSE:NFGC) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Analysts predict that New Found Gold will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sprott Inc. purchased a new position in New Found Gold in the third quarter valued at about $52,000. HM Payson & Co. grew its stake in New Found Gold by 144.3% in the third quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock valued at $29,000 after purchasing an additional 4,135 shares in the last quarter. National Bank of Canada FI grew its stake in New Found Gold by 370.4% in the third quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock valued at $74,000 after purchasing an additional 15,000 shares in the last quarter. Rathbones Group PLC purchased a new position in New Found Gold in the third quarter valued at about $198,000. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of New Found Gold by 20.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock worth $81,000 after acquiring an additional 3,276 shares in the last quarter. Hedge funds and other institutional investors own 3.43% of the company’s stock.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.