New Found Gold (NYSE:NFGC) Shares Up 3.3% – What’s Next?

New Found Gold Corp. (NYSE:NFGC) traded up 3.3% on Friday . The company traded as high as $3.27 and last traded at $3.2450. 1,224,449 shares were traded during trading, an increase of 3% from the average session volume of 1,191,681 shares. The stock had previously closed at $3.14.

New Found Gold Stock Up 3.0%

The company has a market cap of $786.52 million, a PE ratio of -14.70 and a beta of 1.34. The firm has a 50 day simple moving average of $2.40 and a 200-day simple moving average of $2.01.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Susquehanna International Group LLP boosted its stake in New Found Gold by 173.0% in the third quarter. Susquehanna International Group LLP now owns 175,549 shares of the company’s stock valued at $416,000 after acquiring an additional 111,249 shares in the last quarter. Merk Investments LLC acquired a new position in shares of New Found Gold during the third quarter worth $5,589,000. National Bank of Canada FI lifted its holdings in shares of New Found Gold by 18.9% during the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after purchasing an additional 14,566 shares during the last quarter. Millennium Management LLC boosted its position in shares of New Found Gold by 912.5% in the 3rd quarter. Millennium Management LLC now owns 258,858 shares of the company’s stock worth $613,000 after purchasing an additional 233,292 shares in the last quarter. Finally, Centiva Capital LP purchased a new position in New Found Gold during the 3rd quarter worth $223,000. Institutional investors own 3.43% of the company’s stock.

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.