Renaissance Technologies LLC Grows Stock Position in New Found Gold Corp. $NFGC

Renaissance Technologies LLC lifted its holdings in New Found Gold Corp. (NYSE:NFGC) by 1,012.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 706,323 shares of the company’s stock after purchasing an additional 642,812 shares during the period. Renaissance Technologies LLC owned about 0.29% of New Found Gold worth $1,370,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NFGC. Sprott Inc. increased its holdings in New Found Gold by 99.1% during the fourth quarter. Sprott Inc. now owns 7,997,610 shares of the company’s stock valued at $23,685,000 after buying an additional 3,980,716 shares during the last quarter. Jane Street Group LLC raised its position in New Found Gold by 704.8% in the fourth quarter. Jane Street Group LLC now owns 2,894,158 shares of the company’s stock worth $8,563,000 after acquiring an additional 2,534,535 shares during the period. Moerus Capital Management LLC purchased a new position in shares of New Found Gold during the 4th quarter worth $5,007,000. Van ECK Associates Corp boosted its stake in shares of New Found Gold by 12.6% during the 4th quarter. Van ECK Associates Corp now owns 5,874,512 shares of the company’s stock worth $17,381,000 after acquiring an additional 656,843 shares during the last quarter. Finally, MMCAP International Inc. SPC boosted its stake in shares of New Found Gold by 561.6% during the 4th quarter. MMCAP International Inc. SPC now owns 745,835 shares of the company’s stock worth $2,212,000 after acquiring an additional 633,110 shares during the last quarter. Hedge funds and other institutional investors own 3.43% of the company’s stock.

Wall Street Analysts Forecast Growth

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 investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, New Found Gold has an average rating of “Hold”.

New Found Gold Stock Down 0.6%

NYSE NFGC opened at $1.65 on Thursday. New Found Gold Corp. has a 52 week low of $1.34 and a 52 week high of $3.59. The company has a market capitalization of $634.19 million, a P/E ratio of -7.50 and a beta of 1.40. The stock’s 50-day moving average price is $1.53 and its 200-day moving average price is $2.04.

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.