New Found Gold (NYSE:NFGC) Trading 4.2% Higher

Shares of New Found Gold Corp. (NYSE:NFGC) traded up 4.2% during trading on Tuesday . The company traded as high as $3.75 and last traded at $3.75. 63,482 shares traded hands during trading, a decline of 72% from the average session volume of 226,315 shares. The stock had previously closed at $3.60.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Roth Capital restated a “buy” rating on shares of New Found Gold in a report on Tuesday, August 15th. Roth Mkm restated a “buy” rating and set a $9.00 target price on shares of New Found Gold in a report on Thursday, September 21st.

New Found Gold Trading Up 3.3 %

The company has a market cap of $665.88 million, a P/E ratio of -10.29 and a beta of 1.42. The stock’s 50 day moving average is $4.03 and its 200-day moving average is $4.40.

New Found Gold (NYSE:NFGC) last announced its quarterly earnings results on Monday, November 13th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). As a group, sell-side analysts forecast that New Found Gold Corp. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On New Found Gold

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its stake in New Found Gold by 39.9% during the 1st quarter. Van ECK Associates Corp now owns 4,810,033 shares of the company’s stock valued at $23,773,000 after acquiring an additional 1,371,234 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in New Found Gold by 39.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 16,224 shares of the company’s stock valued at $80,000 after acquiring an additional 4,604 shares during the period. Cannell & Co. lifted its stake in New Found Gold by 50.0% during the 2nd quarter. Cannell & Co. now owns 30,000 shares of the company’s stock valued at $148,000 after acquiring an additional 10,000 shares during the period. JPMorgan Chase & Co. purchased a new stake in shares of New Found Gold during the 4th quarter valued at about $35,000. Finally, Sprott Inc. purchased a new stake in shares of New Found Gold during the 3rd quarter valued at about $52,000. Institutional investors 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, 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 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.