New Found Gold (NYSE:NFGC) Trading Up 5.2% – Still a Buy?

New Found Gold Corp. (NYSE:NFGC) shares were up 5.2% on Wednesday . The stock traded as high as $1.77 and last traded at $1.7250. 246,645 shares changed hands during trading, a decline of 86% from the average daily volume of 1,770,351 shares. The stock had previously closed at $1.64.

Analyst Ratings Changes

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

New Found Gold Price Performance

The company has a market cap of $676.87 million, a PE ratio of -7.93 and a beta of 1.44. The stock has a fifty day moving average price of $1.63 and a 200-day moving average price of $1.85.

Institutional Investors Weigh In On New Found Gold

Hedge funds have recently bought and sold shares of the business. Groupe la Francaise boosted its holdings in shares of New Found Gold by 7.2% during the second quarter. Groupe la Francaise now owns 2,500,000 shares of the company’s stock worth $3,862,000 after purchasing an additional 168,100 shares during the period. Van ECK Associates Corp grew its position in New Found Gold by 6.9% during the second quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company’s stock valued at $12,561,000 after purchasing an additional 527,903 shares in the last quarter. Bank of America Corp DE acquired a new position in New Found Gold in the 2nd quarter valued at approximately $3,769,000. Hsbc Holdings PLC acquired a new position in New Found Gold in the 2nd quarter valued at approximately $32,000. Finally, Osterweis Capital Management Inc. purchased a new stake in New Found Gold in the 2nd quarter worth approximately $48,000. 3.43% of the stock is owned by hedge funds and other institutional investors.

About New Found Gold

New Found Gold Corp. is a mineral exploration company focused on the discovery and development of gold deposits in Newfoundland, Canada. The company does not currently produce or sell gold; its activities center on geological research, drilling, resource evaluation and other exploration work.

New Found Gold’s principal asset is the Queensway Project, a large exploration property near Gander in central Newfoundland. The project is located close to major transportation infrastructure, including the Trans-Canada Highway, and is being explored for high-grade gold mineralization.