New Found Gold (NYSE:NFGC) Shares Down 6.3%

New Found Gold Corp. (NYSE:NFGC)’s share price was down 6.3% during mid-day trading on Thursday . The company traded as low as $2.99 and last traded at $3.00. Approximately 499,155 shares traded hands during trading, an increase of 52% from the average daily volume of 329,435 shares. The stock had previously closed at $3.20.

Analyst Upgrades and Downgrades

Separately, Roth Mkm restated a “buy” rating and issued a $9.00 price objective on shares of New Found Gold in a research note on Tuesday, April 23rd.

New Found Gold Trading Down 6.3 %

The stock has a market capitalization of $578.70 million, a PE ratio of -10.07 and a beta of 1.12. The firm has a 50 day moving average price of $3.28 and a 200 day moving average price of $3.39.

New Found Gold (NYSE:NFGC) last released its earnings results on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. On average, equities research analysts expect that New Found Gold Corp. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On New Found Gold

A number of hedge funds and other institutional investors have recently modified their holdings of NFGC. Quadrature Capital Ltd purchased a new position in New Found Gold during the 4th quarter valued at approximately $38,000. 1832 Asset Management L.P. bought a new stake in shares of New Found Gold in the 4th quarter worth about $88,000. Cetera Advisors LLC bought a new stake in shares of New Found Gold in the 1st quarter worth about $93,000. HM Payson & Co. increased its holdings in shares of New Found Gold by 213.3% in the 1st quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock worth $174,000 after buying an additional 32,000 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of New Found Gold in the 1st quarter worth about $186,000. Institutional investors own 3.43% of the company’s stock.

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.