New Found Gold (NYSE:NFGC) Rating Reiterated by Roth Mkm

Roth Mkm restated their buy rating on shares of New Found Gold (NYSE:NFGC) in a report issued on Tuesday, Benzinga reports. Roth Mkm currently has a $9.00 price objective on the stock.

New Found Gold Stock Performance

NYSE:NFGC opened at $3.69 on Tuesday. New Found Gold has a 12-month low of $3.02 and a 12-month high of $5.27. The stock’s fifty day simple moving average is $3.54 and its 200-day simple moving average is $3.57.

New Found Gold (NYSE:NFGC) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.01). On average, equities analysts anticipate that New Found Gold will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. lifted its holdings in New Found Gold by 20.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock worth $81,000 after acquiring an additional 3,276 shares in the last quarter. HM Payson & Co. lifted its holdings in New Found Gold by 144.3% during the third quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock worth $29,000 after acquiring an additional 4,135 shares in the last quarter. Quadrature Capital Ltd bought a new position in New Found Gold during the fourth quarter worth about $38,000. Sprott Inc. bought a new position in New Found Gold during the third quarter worth about $52,000. Finally, National Bank of Canada FI lifted its holdings in New Found Gold by 370.4% during the third quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock worth $74,000 after acquiring an additional 15,000 shares in the last quarter. 3.43% of the stock is currently owned by institutional investors.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.