New Found Gold (NYSE:NFGC) Hits New 1-Year High – Should You Buy?

New Found Gold Corp. (NYSE:NFGC) shares reached a new 52-week high on Thursday . The stock traded as high as $3.33 and last traded at $3.2850, with a volume of 1406211 shares. The stock had previously closed at $3.08.

New Found Gold Stock Up 13.0%

The stock has a market capitalization of $846.08 million, a price-to-earnings ratio of -15.82 and a beta of 1.31. The business’s 50 day simple moving average is $2.78 and its 200-day simple moving average is $2.23.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NFGC. Susquehanna International Group LLP lifted its stake in New Found Gold by 173.0% during the third quarter. Susquehanna International Group LLP now owns 175,549 shares of the company’s stock worth $416,000 after purchasing an additional 111,249 shares during the last quarter. Merk Investments LLC bought a new position in shares of New Found Gold in the 3rd quarter valued at $5,589,000. National Bank of Canada FI raised 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 worth $218,000 after buying an additional 14,566 shares in the last quarter. Millennium Management LLC lifted its position in shares of New Found Gold by 912.5% during the 3rd quarter. Millennium Management LLC now owns 258,858 shares of the company’s stock worth $613,000 after buying an additional 233,292 shares during the last quarter. Finally, Centiva Capital LP acquired a new stake in New Found Gold in the third quarter valued at about $223,000. 3.43% of the stock is owned by institutional investors.

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.