MMCAP International Inc. SPC Has $2.21 Million Stock Holdings in New Found Gold Corp. $NFGC

MMCAP International Inc. SPC increased its position in New Found Gold Corp. (NYSE:NFGC) by 561.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 745,835 shares of the company’s stock after buying an additional 633,110 shares during the period. MMCAP International Inc. SPC owned 0.31% of New Found Gold worth $2,212,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. FWG Holdings LLC acquired a new stake in shares of New Found Gold in the 4th quarter valued at about $50,000. Oppenheimer & Co. Inc. acquired a new position in New Found Gold during the 4th quarter valued at about $48,000. Susquehanna International Group LLP boosted its stake in New Found Gold by 173.0% during the 3rd quarter. Susquehanna International Group LLP now owns 175,549 shares of the company’s stock valued at $416,000 after purchasing an additional 111,249 shares during the last quarter. Merk Investments LLC acquired a new position in New Found Gold during the 3rd quarter valued at about $5,589,000. Finally, National Bank of Canada FI boosted its stake in New Found Gold by 18.9% during the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after purchasing an additional 14,566 shares during the last quarter. 3.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded New Found Gold from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

New Found Gold Stock Performance

NFGC stock opened at $1.94 on Wednesday. The company has a market capitalization of $664.12 million, a P/E ratio of -8.82 and a beta of 1.35. New Found Gold Corp. has a 52-week low of $1.25 and a 52-week high of $3.59. The business has a 50-day simple moving average of $2.01 and a two-hundred day simple moving average of $2.49.

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.