New Found Gold (NYSE:NFGC) Trading Up 5.5%

New Found Gold Corp. (NYSE:NFGC) rose 5.5% during mid-day trading on Friday . The stock traded as high as $2.90 and last traded at $2.89. Approximately 169,846 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 299,395 shares. The stock had previously closed at $2.74.

Wall Street Analyst Weigh In

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

New Found Gold Stock Performance

The company has a market cap of $553.97 million, a price-to-earnings ratio of -9.63 and a beta of 1.12. The company’s fifty day moving average is $3.37 and its two-hundred day moving average is $3.42.

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

Hedge Funds Weigh In On New Found Gold

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new position in New Found Gold during the fourth quarter valued at approximately $38,000. Sprott Inc. purchased a new position in shares of New Found Gold during the 3rd quarter valued at approximately $52,000. 1832 Asset Management L.P. acquired a new position in shares of New Found Gold in the 4th quarter valued at $88,000. Cetera Advisors LLC purchased a new stake in New Found Gold during the first quarter worth $93,000. Finally, HM Payson & Co. grew its position in New Found Gold by 213.3% during the first quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after buying an additional 32,000 shares during the period. 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.