New Found Gold (NYSE:NFGC) Shares Gap Up to $4.12

New Found Gold Corp. (NYSE:NFGC – Get Rating) gapped up prior to trading on Friday . The stock had previously closed at $4.12, but opened at $4.23. New Found Gold shares last traded at $4.20, with a volume of 18,773 shares traded.

New Found Gold Trading Up 5.1 %

The firm has a fifty day moving average of $3.77 and a 200 day moving average of $3.77. The company has a market capitalization of $759.40 million, a P/E ratio of -11.39 and a beta of 1.19.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its holdings in New Found Gold by 3.8% in the 3rd quarter. Van ECK Associates Corp now owns 3,520,800 shares of the company’s stock worth $12,449,000 after purchasing an additional 129,709 shares in the last quarter. Integrated Advisors Network LLC grew its position in New Found Gold by 29.7% in the 4th quarter. Integrated Advisors Network LLC now owns 599,190 shares of the company’s stock valued at $2,421,000 after acquiring an additional 137,100 shares during the last quarter. Regal Partners Ltd bought a new position in New Found Gold in the 4th quarter valued at $1,483,000. Millennium Management LLC grew its position in New Found Gold by 110.6% in the 4th quarter. Millennium Management LLC now owns 212,968 shares of the company’s stock valued at $859,000 after acquiring an additional 111,824 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of New Found Gold during the 4th quarter worth $214,000. 22.12% of the stock is owned by hedge funds and other institutional investors.

About New Found Gold

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New Found Gold Corp., a mineral exploration company, engages in the identification, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 86 mineral licenses and 6,041 claims covering an area of 151,030 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.