New Found Gold (NYSE:NFGC) Trading Up 0.8% – What’s Next?

New Found Gold Corp. (NYSE:NFGC) rose 0.8% during mid-day trading on Monday . The stock traded as high as $1.25 and last traded at $1.20. Approximately 1,338,559 shares changed hands during trading, an increase of 136% from the average daily volume of 567,472 shares. The stock had previously closed at $1.19.

Wall Street Analyst Weigh In

Separately, Roth Mkm lowered their target price on New Found Gold from $9.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, March 10th.

New Found Gold Stock Down 5.5 %

The firm has a market capitalization of $208.63 million, a P/E ratio of -4.73 and a beta of 0.93. The business’s 50 day moving average is $1.69 and its two-hundred day moving average is $1.94.

Institutional Trading of New Found Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in shares of New Found Gold by 668.2% during the fourth quarter. Millennium Management LLC now owns 728,567 shares of the company’s stock valued at $1,323,000 after acquiring an additional 633,722 shares during the period. Marshall Wace LLP boosted its stake in New Found Gold by 29.4% during the 4th quarter. Marshall Wace LLP now owns 693,533 shares of the company’s stock valued at $1,262,000 after purchasing an additional 157,749 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of New Found Gold by 29.1% during the 4th quarter. Renaissance Technologies LLC now owns 667,053 shares of the company’s stock valued at $1,214,000 after purchasing an additional 150,253 shares during the period. Bank of America Corp DE raised its stake in shares of New Found Gold by 25.9% in the 4th quarter. Bank of America Corp DE now owns 636,712 shares of the company’s stock worth $1,159,000 after buying an additional 130,995 shares in the last quarter. Finally, Total Wealth Planning & Management Inc. bought a new stake in shares of New Found Gold in the 4th quarter worth $200,000. 3.43% of the stock is currently owned by institutional investors.

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.