New Found Gold (NYSE:NFGC) Shares Up 6.6% – Time to Buy?

New Found Gold Corp. (NYSE:NFGC)’s stock price was up 6.6% on Wednesday . The company traded as high as $1.80 and last traded at $1.77. Approximately 568,844 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 428,085 shares. The stock had previously closed at $1.66.

New Found Gold Stock Performance

The firm’s 50 day moving average is $2.28 and its two-hundred day moving average is $2.74.

Institutional Trading of New Found Gold

Hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank lifted its position in New Found Gold by 10,700.5% in the 3rd quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock valued at $54,000 after acquiring an additional 21,294 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of New Found Gold by 26.8% during the third quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock worth $66,000 after buying an additional 5,476 shares in the last quarter. Quadrature Capital Ltd boosted its position in New Found Gold by 72.9% during the 1st quarter. Quadrature Capital Ltd now owns 18,553 shares of the company’s stock worth $68,000 after acquiring an additional 7,821 shares during the last quarter. 1832 Asset Management L.P. bought a new position in shares of New Found Gold during the 2nd quarter worth approximately $71,000. Finally, Atom Investors LP acquired a new stake in shares of New Found Gold in the third quarter valued at approximately $87,000. Institutional investors and hedge funds own 3.43% of the company’s stock.

New Found Gold Company Profile

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; and the Kingsway project located in Gander, Newfoundland.