New Found Gold (NYSE:NFGC) Sees Large Volume Increase

New Found Gold Corp. (NYSE:NFGC) saw an uptick in trading volume on Monday . 138,621 shares traded hands during mid-day trading, a decline of 52% from the previous session’s volume of 289,533 shares.The stock last traded at $3.83 and had previously closed at $3.88.

Analyst Ratings Changes

Separately, Roth Mkm upped their price target on New Found Gold from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Monday, April 8th.

New Found Gold Stock Down 3.7 %

The company has a 50 day moving average of $3.48 and a two-hundred day moving average of $3.58.

New Found Gold (NYSE:NFGC) last released 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, analysts predict that New Found Gold Corp. will post -0.31 EPS for the current year.

Institutional Investors Weigh In On New Found Gold

A number of institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new stake in shares of New Found Gold in the fourth quarter worth $38,000. Prelude Capital Management LLC purchased a new stake in shares of New Found Gold in the fourth quarter worth $43,000. 1832 Asset Management L.P. purchased a new stake in shares of New Found Gold in the fourth quarter worth $88,000. Van ECK Associates Corp grew its stake in shares of New Found Gold by 7.8% in the fourth quarter. Van ECK Associates Corp now owns 4,805,915 shares of the company’s stock worth $16,948,000 after acquiring an additional 348,520 shares during the last quarter. Finally, Sprott Inc. bought a new position in shares of New Found Gold during the third quarter valued at $52,000. 3.43% of the stock is owned by hedge funds and other institutional investors.

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.