Merk Investments LLC Purchases New Shares in New Found Gold Corp. $NFGC

Merk Investments LLC purchased a new position in shares of New Found Gold Corp. (NYSE:NFGC) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,350,000 shares of the company’s stock, valued at approximately $5,589,000. New Found Gold comprises approximately 1.7% of Merk Investments LLC’s investment portfolio, making the stock its 10th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI increased its stake in New Found Gold by 18.9% in the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after buying an additional 14,566 shares during the last quarter. Millennium Management LLC grew its holdings in shares of New Found Gold by 912.5% in the third quarter. Millennium Management LLC now owns 258,858 shares of the company’s stock valued at $613,000 after acquiring an additional 233,292 shares in the last quarter. Centiva Capital LP bought a new position in shares of New Found Gold in the third quarter valued at approximately $223,000. Bank of America Corp DE lifted its holdings in New Found Gold by 19.4% during the third quarter. Bank of America Corp DE now owns 2,496,473 shares of the company’s stock worth $5,917,000 after acquiring an additional 405,118 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in New Found Gold by 260.4% during the third quarter. Two Sigma Investments LP now owns 449,432 shares of the company’s stock worth $1,065,000 after acquiring an additional 324,723 shares during the period. 3.43% of the stock is owned by institutional investors.

New Found Gold Trading Down 3.5%

NFGC stock opened at $2.21 on Tuesday. New Found Gold Corp. has a 1-year low of $0.93 and a 1-year high of $3.59. The stock has a market cap of $537.31 million, a P/E ratio of -10.05 and a beta of 1.30. The stock’s fifty day simple moving average is $2.86 and its two-hundred day simple moving average is $2.55.

New Found Gold 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.