New Found Gold (CVE:NFG) Shares Down 3.4% – Time to Sell?

New Found Gold Corp. (CVE:NFG)’s share price traded down 3.4% during trading on Wednesday . The stock traded as low as C$2.28 and last traded at C$2.30. 632,410 shares were traded during mid-day trading, a decline of 19% from the average session volume of 776,800 shares. The stock had previously closed at C$2.38.

New Found Gold Stock Down 2.6%

The stock has a 50-day simple moving average of C$2.71 and a 200-day simple moving average of C$3.36. The firm has a market capitalization of C$856.51 million, a PE ratio of -9.29 and a beta of 2.30.

Insider Buying and Selling

In related news, Director Chad Williams bought 50,000 shares of New Found Gold stock in a transaction on Wednesday, May 27th. The stock was acquired at an average price of C$2.69 per share, with a total value of C$134,500.00. Following the acquisition, the director directly owned 250,675 shares of the company’s stock, valued at C$674,315.75. This represents a 24.92% increase in their ownership of the stock. In the last ninety days, insiders bought 119,000 shares of company stock valued at $305,062. 44.06% of the stock is owned by company insiders.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland. The company was formerly known as Palisade Resources Corp. and changed its name to New Found Gold Corp.