New Found Gold (NYSE:NFGC) Trading Down 5.6% – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC)’s stock price was down 5.6% on Wednesday . The stock traded as low as $1.9303 and last traded at $1.9250. 440,725 shares traded hands during trading, a decline of 76% from the average daily volume of 1,831,660 shares. The stock had previously closed at $2.04.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of New Found Gold from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, New Found Gold has a consensus rating of “Hold”.

New Found Gold Trading Up 2.6%

The company has a market capitalization of $751.13 million, a P/E ratio of -8.86 and a beta of 1.40. The business has a 50 day moving average price of $1.57 and a 200 day moving average price of $1.95.

Hedge Funds Weigh In On New Found Gold

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sprott Inc. increased its position in shares of New Found Gold by 99.1% in the 4th quarter. Sprott Inc. now owns 7,997,610 shares of the company’s stock valued at $23,685,000 after buying an additional 3,980,716 shares in the last quarter. Bank of America Corp DE lifted its holdings in New Found Gold by 367.2% during the first quarter. Bank of America Corp DE now owns 4,339,339 shares of the company’s stock worth $8,418,000 after acquiring an additional 3,410,529 shares in the last quarter. Jane Street Group LLC lifted its holdings in New Found Gold by 704.8% during the fourth quarter. Jane Street Group LLC now owns 2,894,158 shares of the company’s stock worth $8,563,000 after acquiring an additional 2,534,535 shares in the last quarter. Groupe la Francaise acquired a new position in New Found Gold in the first quarter valued at about $4,344,000. Finally, Moerus Capital Management LLC acquired a new position in New Found Gold in the fourth quarter valued at about $5,007,000. Institutional investors and hedge funds own 3.43% of the company’s stock.

About New Found Gold

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.