New Found Gold (NYSE:NFGC) Rating Lowered to Strong Sell at Zacks Research

New Found Gold (NYSE:NFGC) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

New Found Gold Stock Performance

NYSE:NFGC opened at $1.78 on Thursday. The company has a market capitalization of $432.77 million, a P/E ratio of -8.09 and a beta of 1.30. The stock’s 50 day moving average price is $2.64 and its 200 day moving average price is $2.54. New Found Gold has a 52 week low of $0.93 and a 52 week high of $3.59.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Merk Investments LLC acquired a new stake in New Found Gold in the 3rd quarter worth approximately $5,589,000. Heartland Advisors Inc. bought a new position in shares of New Found Gold in the third quarter valued at approximately $611,000. XTX Topco Ltd lifted its stake in shares of New Found Gold by 1,025.2% in the second quarter. XTX Topco Ltd now owns 230,136 shares of the company’s stock worth $327,000 after buying an additional 209,684 shares during the last quarter. Sprott Inc. boosted its holdings 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 buying an additional 305,772 shares during the period. Finally, Deer Park Road Corp acquired a new position in New Found Gold in the 4th quarter valued at $172,000. Institutional investors and hedge funds 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.