Groupe la Francaise Takes $4.34 Million Position in New Found Gold Corp. $NFGC

Groupe la Francaise acquired a new position in shares of New Found Gold Corp. (NYSE:NFGC) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,331,900 shares of the company’s stock, valued at approximately $4,344,000.

A number of other large investors have also recently made changes to their positions in NFGC. Bank of America Corp DE raised its holdings in New Found Gold by 367.2% in the first quarter. Bank of America Corp DE now owns 4,339,339 shares of the company’s stock valued at $8,418,000 after acquiring an additional 3,410,529 shares in the last quarter. Renaissance Technologies LLC grew its holdings in New Found Gold by 1,012.1% during the 1st quarter. Renaissance Technologies LLC now owns 706,323 shares of the company’s stock worth $1,370,000 after acquiring an additional 642,812 shares in the last quarter. Heartland Advisors Inc. grew its holdings in New Found Gold by 2.9% during the 1st quarter. Heartland Advisors Inc. now owns 900,700 shares of the company’s stock worth $1,747,000 after acquiring an additional 25,500 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of New Found Gold by 65.3% in the 1st quarter. Hsbc Holdings PLC now owns 21,267 shares of the company’s stock valued at $41,000 after purchasing an additional 8,400 shares during the last quarter. Finally, Acuitas Investments LLC purchased a new stake in shares of New Found Gold in the 1st quarter valued at approximately $126,000. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

New Found Gold Stock Performance

NYSE:NFGC opened at $1.36 on Friday. New Found Gold Corp. has a 1 year low of $1.34 and a 1 year high of $3.59. The stock has a market cap of $522.73 million, a P/E ratio of -6.18 and a beta of 1.39. The stock has a 50-day simple moving average of $1.60 and a 200-day simple moving average of $2.13.

Analyst Upgrades and Downgrades

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

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.