New Found Gold (NYSE:NFGC) Shares Gap Down – What’s Next?

New Found Gold Corp. (NYSE:NFGC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $3.10, but opened at $2.95. New Found Gold shares last traded at $2.8720, with a volume of 454,286 shares.

New Found Gold Trading Down 10.5%

The company’s fifty day moving average is $2.29 and its 200-day moving average is $1.88. The firm has a market capitalization of $674.68 million, a P/E ratio of -12.52 and a beta of 1.34.

Hedge Funds Weigh In On New Found Gold

Large investors have recently made changes to their positions in the business. XTX Topco Ltd acquired a new stake in New Found Gold in the 1st quarter valued at approximately $25,000. National Bank of Canada FI boosted its position in shares of New Found Gold by 60.4% in the first quarter. National Bank of Canada FI now owns 66,058 shares of the company’s stock valued at $77,000 after acquiring an additional 24,876 shares during the period. Virtu Financial LLC acquired a new stake in shares of New Found Gold in the first quarter worth $52,000. Sprott Inc. grew its stake in shares of New Found Gold by 817.7% in the first quarter. Sprott Inc. now owns 898,400 shares of the company’s stock worth $1,080,000 after acquiring an additional 800,500 shares during the last quarter. Finally, Total Wealth Planning & Management Inc. increased its position in New Found Gold by 7.0% during the second quarter. Total Wealth Planning & Management Inc. now owns 134,200 shares of the company’s stock worth $191,000 after acquiring an additional 8,800 shares during the period. Institutional investors and hedge funds own 3.43% of the company’s stock.

New Found Gold Company Profile

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland; and the Kingsway project located in Gander, Newfoundland.