New Found Gold (NYSE:NFGC) Trading 9.5% Higher – Still a Buy?

New Found Gold Corp. (NYSE:NFGC) shares rose 9.5% during trading on Wednesday . The stock traded as high as $1.55 and last traded at $1.5550. 180,476 shares were traded during trading, a decline of 90% from the average session volume of 1,888,451 shares. The stock had previously closed at $1.42.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded New Found Gold from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. One research analyst has rated the stock with a Hold rating, According to MarketBeat, New Found Gold currently has an average rating of “Hold”.

New Found Gold Stock Up 10.2%

The stock has a market cap of $601.52 million, a price-to-earnings ratio of -7.11 and a beta of 1.39. The company has a 50 day simple moving average of $1.69 and a 200 day simple moving average of $2.22.

Hedge Funds Weigh In On New Found Gold

A number of institutional investors have recently added to or reduced their stakes in the stock. Cibc World Market Inc. boosted its stake in shares of New Found Gold by 31.0% during the fourth quarter. Cibc World Market Inc. now owns 32,710 shares of the company’s stock valued at $97,000 after purchasing an additional 7,750 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of New Found Gold by 65.3% during the first quarter. Hsbc Holdings PLC now owns 21,267 shares of the company’s stock worth $41,000 after purchasing an additional 8,400 shares during the last quarter. Cladis Investment Advisory LLC acquired a new position in shares of New Found Gold in the fourth quarter valued at approximately $30,000. SG Americas Securities LLC acquired a new position in shares of New Found Gold in the first quarter valued at approximately $28,000. Finally, National Bank of Canada FI raised its holdings in New Found Gold by 18.9% in the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after buying an additional 14,566 shares during the last quarter. 3.43% of the stock is currently owned by institutional investors and hedge funds.

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.