New Found Gold (NYSE:NFGC) Shares Up 1.3% – Should You Buy?

New Found Gold Corp. (NYSE:NFGC) was up 1.3% on Thursday . The stock traded as high as $1.56 and last traded at $1.52. Approximately 1,811,275 shares changed hands during trading, a decline of 7% from the average session volume of 1,944,018 shares. The stock had previously closed at $1.50.

Analyst Upgrades and Downgrades

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

New Found Gold Stock Performance

The firm has a market cap of $576.24 million, a price-to-earnings ratio of -6.82 and a beta of 1.39. The business’s 50-day moving average is $1.79 and its 200-day moving average is $2.31.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Sprott Inc. raised its stake in shares of New Found Gold by 99.1% in the fourth quarter. Sprott Inc. now owns 7,997,610 shares of the company’s stock worth $23,685,000 after acquiring an additional 3,980,716 shares during the last quarter. Van ECK Associates Corp boosted its holdings in New Found Gold by 12.6% during the fourth quarter. Van ECK Associates Corp now owns 5,874,512 shares of the company’s stock worth $17,381,000 after buying an additional 656,843 shares during the last quarter. Bank of America Corp DE grew its holdings in New Found Gold by 367.2% during the first quarter. Bank of America Corp DE now owns 4,339,339 shares of the company’s stock valued at $8,418,000 after purchasing an additional 3,410,529 shares during the period. Jane Street Group LLC increased its position in shares of New Found Gold by 704.8% in the 4th quarter. Jane Street Group LLC now owns 2,894,158 shares of the company’s stock valued at $8,563,000 after buying an additional 2,534,535 shares in the last quarter. Finally, Merk Investments LLC bought a new position in New Found Gold in the third quarter valued at approximately $5,589,000. 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.