New Found Gold (NYSE:NFGC) Trading 9.5% Higher – Time to Buy?

New Found Gold Corp. (NYSE:NFGC) shares traded up 9.5% during mid-day trading on Wednesday . The stock traded as high as $1.55 and last traded at $1.5550. Approximately 180,476 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,888,451 shares. The stock had previously closed at $1.42.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised New Found Gold from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. One analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold”.

New Found Gold Stock Performance

The firm’s fifty day moving average is $1.66 and its 200-day moving average is $2.20. The company has a market capitalization of $553.48 million, a P/E ratio of -6.55 and a beta of 1.39.

Institutional Trading of New Found Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Groupe la Francaise acquired a new position in shares of New Found Gold during the first quarter worth $4,344,000. Bank of America Corp DE boosted its holdings in shares of New Found Gold by 367.2% during the 1st quarter. Bank of America Corp DE now owns 4,339,339 shares of the company’s stock valued at $8,418,000 after acquiring an additional 3,410,529 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of New Found Gold by 1,012.1% during the 1st quarter. Renaissance Technologies LLC now owns 706,323 shares of the company’s stock valued at $1,370,000 after acquiring an additional 642,812 shares in the last quarter. Heartland Advisors Inc. grew its position in New Found Gold by 2.9% during the 1st quarter. Heartland Advisors Inc. now owns 900,700 shares of the company’s stock worth $1,747,000 after acquiring an additional 25,500 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in New Found Gold by 65.3% during the 1st quarter. Hsbc Holdings PLC now owns 21,267 shares of the company’s stock worth $41,000 after acquiring an additional 8,400 shares during the last quarter. 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.