New Found Gold (NYSE:NFGC) Receives “Buy” Rating from Roth Mkm

New Found Gold (NYSE:NFGC)‘s stock had its “buy” rating restated by equities research analysts at Roth Mkm in a research note issued on Tuesday, Benzinga reports. They currently have a $9.00 price objective on the stock. Roth Mkm’s price objective points to a potential upside of 145.23% from the stock’s current price.

New Found Gold Trading Up 1.7 %

Shares of New Found Gold stock traded up $0.06 on Tuesday, reaching $3.67. The stock had a trading volume of 116,781 shares, compared to its average volume of 296,492. New Found Gold has a 1 year low of $3.02 and a 1 year high of $5.27. The company has a market cap of $697.08 million, a P/E ratio of -11.15 and a beta of 1.22. The business’s 50 day moving average is $3.51 and its two-hundred day moving average is $3.57.

New Found Gold (NYSE:NFGC) last announced its earnings results on Thursday, March 21st. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). On average, equities analysts anticipate that New Found Gold will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On New Found Gold

Institutional investors and hedge funds have recently bought and sold shares of the stock. HM Payson & Co. raised its stake in New Found Gold by 144.3% in the third quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock valued at $29,000 after purchasing an additional 4,135 shares in the last quarter. Quadrature Capital Ltd bought a new position in New Found Gold during the fourth quarter valued at approximately $38,000. Sprott Inc. bought a new position in New Found Gold during the third quarter valued at approximately $52,000. National Bank of Canada FI grew its position in New Found Gold by 370.4% during the third quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock valued at $74,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in New Found Gold by 20.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock valued at $81,000 after acquiring an additional 3,276 shares during the last quarter. 3.43% of the stock is owned by hedge funds and other institutional investors.

New Found Gold Company Profile

New Found Gold Corp., a mineral exploration company, engages in the identification, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.