New Found Gold (NYSE:NFGC) Shares Gap Up – Here’s Why

New Found Gold Corp. (NYSE:NFGC) shares gapped up prior to trading on Monday . The stock had previously closed at $2.77, but opened at $3.10. New Found Gold shares last traded at $3.1970, with a volume of 1,246,763 shares traded.

New Found Gold Price Performance

The firm’s 50-day moving average price is $2.36 and its 200-day moving average price is $1.97. The stock has a market cap of $767.07 million, a P/E ratio of -14.34 and a beta of 1.34.

Institutional Investors Weigh In On New Found Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Total Wealth Planning & Management Inc. grew its holdings in shares of New Found Gold by 7.0% in the second quarter. Total Wealth Planning & Management Inc. now owns 134,200 shares of the company’s stock worth $191,000 after purchasing an additional 8,800 shares during the last quarter. Bank of Montreal Can boosted its holdings in New Found Gold by 255.5% in the second quarter. Bank of Montreal Can now owns 289,019 shares of the company’s stock worth $414,000 after acquiring an additional 207,720 shares in the last quarter. Timelo Investment Management Inc. purchased a new position in shares of New Found Gold in the 2nd quarter valued at approximately $254,000. Midwest Trust Co purchased a new stake in shares of New Found Gold during the second quarter valued at $28,000. Finally, XTX Topco Ltd increased its holdings in shares of New Found Gold by 1,025.2% in the second quarter. XTX Topco Ltd now owns 230,136 shares of the company’s stock valued at $327,000 after purchasing an additional 209,684 shares during the period. 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.