New Found Gold (CVE:NFG) Shares Up 9.3% After Insider Buying Activity

New Found Gold Corp. (CVE:NFG) was up 9.3% on Tuesday following insider buying activity. The stock traded as high as C$2.60 and last traded at C$2.59. Approximately 124,505 shares traded hands during trading, a decline of 86% from the average daily volume of 895,029 shares. The stock had previously closed at C$2.37.

Specifically, Director Chad Williams purchased 11,000 shares of the stock in a transaction dated Monday, March 30th. The shares were purchased at an average cost of C$2.43 per share, with a total value of C$26,730.00. Following the acquisition, the director directly owned 161,675 shares of the company’s stock, valued at C$392,870.25. This represents a 7.30% increase in their ownership of the stock. Also, Director Chad Williams acquired 35,200 shares of the business’s stock in a transaction that occurred on Monday, March 30th. The stock was purchased at an average cost of C$2.45 per share, with a total value of C$86,240.00. Following the acquisition, the director directly owned 200,675 shares of the company’s stock, valued at C$491,653.75. This trade represents a 21.27% increase in their ownership of the stock.

New Found Gold Stock Up 9.7%

The business has a fifty day simple moving average of C$3.58 and a two-hundred day simple moving average of C$3.51. The company has a market cap of C$897.55 million, a P/E ratio of -13.00 and a beta of 1.39.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland. The company was formerly known as Palisade Resources Corp. and changed its name to New Found Gold Corp.