New Found Gold (CVE:NFG) Reaches New 1-Year Low – Here’s Why

New Found Gold Corp. (CVE:NFG)’s share price reached a new 52-week low on Monday . The stock traded as low as C$2.03 and last traded at C$2.04, with a volume of 81846 shares. The stock had previously closed at C$2.12.

New Found Gold Price Performance

The business has a 50-day simple moving average of C$2.50 and a two-hundred day simple moving average of C$3.17. The stock has a market cap of C$773.93 million, a price-to-earnings ratio of -8.40 and a beta of 2.35.

Insider Activity

In related news, Director Chad Williams bought 50,000 shares of New Found Gold stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average price of C$2.69 per share, with a total value of C$134,500.00. Following the acquisition, the director owned 250,675 shares of the company’s stock, valued at approximately C$674,315.75. This represents a 24.92% increase in their position. Corporate insiders own 44.06% of the company’s stock.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland. The company was formerly known as Palisade Resources Corp. and changed its name to New Found Gold Corp.