New Found Gold (NYSE:NFGC) Stock Price Up 8.2% – Should You Buy?

New Found Gold Corp. (NYSE:NFGC) shares traded up 8.2% during mid-day trading on Thursday. The stock traded as high as $1.5150 and last traded at $1.5250. 531,887 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 1,677,198 shares. The stock had previously closed at $1.41.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of New Found Gold from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. One investment analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

New Found Gold Price Performance

The business has a 50 day simple moving average of $1.72 and a 200 day simple moving average of $1.76. The company has a market capitalization of $611.46 million, a price-to-earnings ratio of -7.20 and a beta of 1.46.

Institutional Investors Weigh In On New Found Gold

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in New Found Gold by 367.2% during the 1st quarter. Bank of America Corp DE now owns 4,339,339 shares of the company’s stock worth $8,418,000 after acquiring an additional 3,410,529 shares in the last quarter. Groupe la Francaise purchased a new position in New Found Gold during the 1st quarter valued at about $4,344,000. Heartland Advisors Inc. purchased a new position in New Found Gold during the 2nd quarter valued at about $1,315,000. Renaissance Technologies LLC grew its position in New Found Gold by 1,012.1% in the 1st quarter. Renaissance Technologies LLC now owns 706,323 shares of the company’s stock valued at $1,370,000 after acquiring an additional 642,812 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in New Found Gold by 6.9% in the 2nd quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company’s stock valued at $12,561,000 after acquiring an additional 527,903 shares in the last quarter. Hedge funds and other institutional investors own 3.43% of the company’s stock.

About New Found Gold

New Found Gold Corp. is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits. The company’s primary asset is the Queensway Project, a wholly owned exploration property in Newfoundland, Canada.

The Queensway Project covers a large land package near Gander and is accessible by major transportation infrastructure, including the Trans-Canada Highway and the Gander International Airport. New Found Gold has conducted extensive exploration at Queensway, including drilling, geological mapping, geophysical surveys and other technical programs designed to identify and define gold mineralization.

New Found Gold is an exploration-stage company and does not currently operate producing mines or sell commercial products.