New Found Gold (CVE:NFG) Trading Down 5.4% – Should You Sell?

New Found Gold Corp. (CVE:NFG)’s share price traded down 5.4% on Tuesday . The stock traded as low as C$2.60 and last traded at C$2.64. 500,520 shares were traded during mid-day trading, a decline of 37% from the average session volume of 793,182 shares. The stock had previously closed at C$2.79.

New Found Gold Stock Down 1.5%

The company has a fifty day simple moving average of C$2.80 and a two-hundred day simple moving average of C$3.43. The company has a market cap of C$1.02 billion, a price-to-earnings ratio of -11.08 and a beta of 2.05.

Insider Activity

In related news, Director Chad Williams acquired 11,000 shares of New Found Gold stock in a transaction dated Monday, March 30th. The shares were acquired at an average cost of C$2.43 per share, for a total transaction of C$26,730.00. Following the completion of the transaction, the director directly owned 161,675 shares of the company’s stock, valued at C$392,870.25. The trade was a 7.30% increase in their ownership of the stock. Insiders acquired 69,000 shares of company stock valued at $170,562 in the last quarter. 44.06% of the stock is owned by corporate insiders.

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.