New Found Gold (NYSE:NFGC) Stock Price Down 9.7% – Here’s Why

New Found Gold Corp. (NYSE:NFGC) shares were down 9.7% during mid-day trading on Thursday . The stock traded as low as $2.69 and last traded at $2.69. Approximately 2,090,445 shares traded hands during trading, a decline of 9% from the average daily volume of 2,288,250 shares. The stock had previously closed at $2.98.

New Found Gold Stock Up 0.4%

The stock has a market cap of $656.44 million, a P/E ratio of -12.27 and a beta of 1.31. The firm’s 50 day simple moving average is $2.99 and its two-hundred day simple moving average is $2.39.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. bought a new stake in New Found Gold in the fourth quarter valued at $48,000. Periscope Capital Inc. acquired a new position in New Found Gold during the 4th quarter valued at about $52,000. FWG Holdings LLC bought a new position in New Found Gold in the 4th quarter worth about $50,000. R Squared Ltd increased its stake in shares of New Found Gold by 66.6% in the third quarter. R Squared Ltd now owns 18,072 shares of the company’s stock valued at $43,000 after purchasing an additional 7,222 shares during the period. Finally, Midwest Trust Co acquired a new stake in shares of New Found Gold in the second quarter valued at approximately $28,000. 3.43% of the stock is currently owned by institutional investors.

About New Found Gold

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.