Roth Mkm Raises New Found Gold (NYSE:NFGC) Price Target to $9.00

New Found Gold (NYSE:NFGC) had its target price hoisted by Roth Mkm from $8.50 to $9.00 in a research note released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

New Found Gold Stock Down 1.0 %

NYSE:NFGC opened at $3.86 on Monday. The company’s 50 day moving average price is $3.44 and its 200-day moving average price is $3.59. New Found Gold has a 52 week low of $3.02 and a 52 week high of $5.70. The stock has a market cap of $731.20 million, a price-to-earnings ratio of -11.70 and a beta of 1.22.

New Found Gold (NYSE:NFGC) last posted its earnings results on Thursday, March 21st. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). As a group, sell-side analysts anticipate that New Found Gold will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On New Found Gold

Large investors have recently added to or reduced their stakes in the stock. HM Payson & Co. grew its position in New Found Gold by 144.3% in the 3rd quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock worth $29,000 after purchasing an additional 4,135 shares during the period. JPMorgan Chase & Co. purchased a new position in shares of New Found Gold during the 4th quarter worth $35,000. Two Sigma Investments LP purchased a new position in shares of New Found Gold during the 3rd quarter worth $36,000. Quadrature Capital Ltd purchased a new position in shares of New Found Gold during the 4th quarter valued at $38,000. Finally, Jane Street Group LLC purchased a new position in shares of New Found Gold during the 3rd quarter valued at $42,000. Institutional investors own 3.43% of the company’s stock.

About New Found Gold

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.