New Found Gold (NYSE:NFGC) Downgraded by Zacks Research to “Strong Sell”

New Found Gold (NYSE:NFGC) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Thursday,Zacks.com reports.

New Found Gold Price Performance

Shares of New Found Gold stock opened at $1.78 on Thursday. The stock’s 50 day simple moving average is $2.64 and its 200-day simple moving average is $2.54. The stock has a market cap of $432.77 million, a P/E ratio of -8.09 and a beta of 1.30. New Found Gold has a 1-year low of $0.93 and a 1-year high of $3.59.

Institutional Trading of New Found Gold

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd raised its holdings in shares of New Found Gold by 66.6% during the 3rd quarter. R Squared Ltd now owns 18,072 shares of the company’s stock worth $43,000 after acquiring an additional 7,222 shares during the period. Cibc World Market Inc. grew its holdings in shares of New Found Gold by 31.0% in the fourth quarter. Cibc World Market Inc. now owns 32,710 shares of the company’s stock valued at $97,000 after purchasing an additional 7,750 shares during the period. Cladis Investment Advisory LLC acquired a new stake in New Found Gold during the fourth quarter worth about $30,000. Hsbc Holdings PLC purchased a new position in New Found Gold during the fourth quarter worth about $39,000. Finally, National Bank of Canada FI raised its stake in New Found Gold by 18.9% during the third quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock worth $218,000 after purchasing an additional 14,566 shares during the period. 3.43% of the stock is owned by institutional investors and hedge funds.

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.