New Found Gold (NYSE:NFGC) Stock Price Up 6.6% – Still a Buy?

New Found Gold Corp. (NYSE:NFGC) shares shot up 6.6% on Wednesday . The stock traded as high as $1.84 and last traded at $1.8550. 141,415 shares changed hands during trading, a decline of 92% from the average daily volume of 1,813,757 shares. The stock had previously closed at $1.74.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of New Found Gold from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. One research 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 Trading Up 4.9%

The firm has a market capitalization of $703.87 million, a PE ratio of -8.25 and a beta of 1.40. The business has a 50-day moving average of $1.59 and a 200 day moving average of $1.92.

Institutional Trading of New Found Gold

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of New Found Gold in the first quarter valued at about $28,000. Cladis Investment Advisory LLC purchased a new position 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 second quarter worth about $32,000. Oppenheimer & Co. Inc. bought a new stake in New Found Gold in the 4th quarter worth about $48,000. Finally, Osterweis Capital Management Inc. bought a new stake in New Found Gold in the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 3.43% of the company’s stock.

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.