New Found Gold (NYSE:NFGC) Stock Price Down 7.3% – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC) shares were down 7.3% during trading on Monday . The stock traded as low as $3.03 and last traded at $3.0050. Approximately 355,555 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,190,134 shares. The stock had previously closed at $3.24.

New Found Gold Stock Down 6.9%

The company has a fifty day simple moving average of $2.42 and a 200 day simple moving average of $2.03. The firm has a market capitalization of $733.03 million, a P/E ratio of -13.70 and a beta of 1.34.

Institutional Trading of New Found Gold

Several institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp raised its position in shares of New Found Gold by 6.2% during the 3rd quarter. Van ECK Associates Corp now owns 5,217,669 shares of the company’s stock valued at $12,407,000 after buying an additional 305,212 shares in the last quarter. Sprott Inc. lifted its stake in shares of New Found Gold by 8.2% during the 3rd quarter. Sprott Inc. now owns 4,016,894 shares of the company’s stock worth $9,542,000 after acquiring an additional 305,772 shares during the last quarter. Bank of America Corp DE boosted its holdings in New Found Gold by 19.4% during the 3rd quarter. Bank of America Corp DE now owns 2,496,473 shares of the company’s stock valued at $5,917,000 after acquiring an additional 405,118 shares during the period. Merk Investments LLC purchased a new stake in New Found Gold in the third quarter worth $5,589,000. Finally, Two Sigma Investments LP grew its holdings in shares of New Found Gold by 260.4% in the third quarter. Two Sigma Investments LP now owns 449,432 shares of the company’s stock worth $1,065,000 after purchasing an additional 324,723 shares during the last quarter. Hedge funds and other institutional investors own 3.43% of the company’s stock.

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.