New Found Gold (NYSE:NFGC) Trading Up 6.4%

New Found Gold Corp. (NYSE:NFGC) shares shot up 6.4% during mid-day trading on Monday . The stock traded as high as $3.48 and last traded at $3.48. 167,681 shares changed hands during trading, a decline of 47% from the average session volume of 314,982 shares. The stock had previously closed at $3.27.

Wall Street Analyst Weigh In

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

New Found Gold Stock Performance

The firm has a 50 day moving average price of $3.29 and a 200-day moving average price of $3.39.

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

Hedge Funds Weigh In On New Found Gold

Several large investors have recently made changes to their positions in NFGC. Van ECK Associates Corp lifted its position in shares of New Found Gold by 7.8% during the 4th quarter. Van ECK Associates Corp now owns 4,805,915 shares of the company’s stock worth $16,948,000 after purchasing an additional 348,520 shares during the last quarter. Virtu Financial LLC acquired a new position in New Found Gold in the 1st quarter valued at approximately $186,000. HM Payson & Co. raised its holdings in New Found Gold by 213.3% in the 1st quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after acquiring an additional 32,000 shares in the last quarter. Cetera Advisors LLC acquired a new position in New Found Gold in the 1st quarter valued at approximately $93,000. Finally, 1832 Asset Management L.P. acquired a new position in New Found Gold in the 4th quarter valued at approximately $88,000. 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.