New Found Gold (NYSE:NFGC) Stock Price Up 2.9% – What’s Next?

New Found Gold Corp. (NYSE:NFGC) traded up 2.9% on Wednesday . The company traded as high as $1.83 and last traded at $1.80. 671,850 shares were traded during mid-day trading, an increase of 82% from the average session volume of 369,363 shares. The stock had previously closed at $1.75.

New Found Gold Stock Performance

The company’s fifty day simple moving average is $1.73 and its two-hundred day simple moving average is $2.21. The company has a market capitalization of $346.80 million, a price-to-earnings ratio of -7.86 and a beta of 0.97.

Hedge Funds Weigh In On New Found Gold

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of New Found Gold during the 4th quarter worth about $34,000. Toronto Dominion Bank increased its stake in shares of New Found Gold by 10,700.5% in the third quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock worth $54,000 after purchasing an additional 21,294 shares during the period. National Bank of Canada FI lifted its position in shares of New Found Gold by 26.8% during the 3rd quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock worth $66,000 after purchasing an additional 5,476 shares during the last quarter. Quadrature Capital Ltd bought a new stake in New Found Gold during the 3rd quarter valued at approximately $79,000. Finally, Atom Investors LP acquired a new stake in New Found Gold in the 3rd quarter valued at approximately $87,000. Institutional investors own 3.43% of the company’s stock.

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; and the Kingsway project located in Gander, Newfoundland.