New Found Gold Corp. $NFGC Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in New Found Gold Corp. (NYSE:NFGC) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,142,889 shares of the company’s stock after purchasing an additional 527,903 shares during the period. Van ECK Associates Corp owned 2.11% of New Found Gold worth $12,561,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sprott Inc. raised its stake in New Found Gold by 99.1% during the 4th 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 in the last quarter. Bank of America Corp DE boosted its stake in New Found Gold by 367.2% in 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 acquiring an additional 3,410,529 shares in the last quarter. Jane Street Group LLC boosted its stake in New Found Gold by 704.8% in the fourth quarter. Jane Street Group LLC now owns 2,894,158 shares of the company’s stock valued at $8,563,000 after acquiring an additional 2,534,535 shares in the last quarter. Groupe la Francaise purchased a new position in shares of New Found Gold during the first quarter worth about $4,344,000. Finally, Moerus Capital Management LLC purchased a new position in shares of New Found Gold during the fourth quarter worth about $5,007,000. Institutional investors and hedge funds own 3.43% of the company’s stock.

New Found Gold Stock Performance

Shares of NFGC opened at $1.89 on Tuesday. New Found Gold Corp. has a fifty-two week low of $1.34 and a fifty-two week high of $3.59. The firm has a 50-day simple moving average of $1.59 and a 200-day simple moving average of $1.93. The company has a market capitalization of $728.94 million, a price-to-earnings ratio of -8.59 and a beta of 1.40.

Analyst Upgrades and Downgrades

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

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.