New Found Gold (NYSE:NFGC) Shares Up 6.9% – Time to Buy?

Shares of New Found Gold Corp. (NYSE:NFGC) shot up 6.9% during mid-day trading on Monday . The company traded as high as $2.34 and last traded at $2.31. 3,811,481 shares changed hands during mid-day trading, an increase of 79% from the average session volume of 2,130,278 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

Separately, Zacks Research downgraded New Found Gold from a “hold” rating to a “strong sell” rating in a report on Thursday, March 26th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

New Found Gold Trading Up 0.9%

The business has a fifty day moving average price of $2.28 and a 200 day moving average price of $2.52. The firm has a market cap of $534.88 million, a PE ratio of -10.00 and a beta of 1.43.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NFGC. SG Americas Securities LLC purchased a new position in New Found Gold during the 1st quarter worth approximately $28,000. Cladis Investment Advisory LLC purchased a new position in New Found Gold during the 4th quarter worth approximately $30,000. Hsbc Holdings PLC purchased a new position in New Found Gold during the 4th quarter worth approximately $39,000. R Squared Ltd grew its stake in New Found Gold by 66.6% during the 3rd quarter. R Squared Ltd now owns 18,072 shares of the company’s stock worth $43,000 after buying an additional 7,222 shares during the last quarter. Finally, Waterloo Capital L.P. purchased a new position in shares of New Found Gold in the 3rd quarter valued at approximately $47,000. 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.