New Found Gold’s (NFGC) “Buy” Rating Reaffirmed at Roth Mkm

Roth Mkm reiterated their buy rating on shares of New Found Gold (NYSE:NFGC) in a research note published on Tuesday morning, Benzinga reports. Roth Mkm currently has a $9.00 target price on the stock.

New Found Gold Trading Up 5.3 %

Shares of NYSE:NFGC opened at $3.80 on Tuesday. The stock’s 50-day moving average price is $3.52 and its 200-day moving average price is $3.57. New Found Gold has a 12-month low of $3.02 and a 12-month high of $5.27. The stock has a market capitalization of $721.77 million, a P/E ratio of -11.52 and a beta of 1.22.

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

Institutional Trading of New Found Gold

A number of institutional investors have recently modified their holdings of NFGC. National Bank of Canada FI boosted its holdings in shares of New Found Gold by 370.4% during the third quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock worth $74,000 after purchasing an additional 15,000 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of New Found Gold by 20.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock worth $81,000 after purchasing an additional 3,276 shares during the period. HM Payson & Co. boosted its holdings in shares of New Found Gold by 144.3% during the third 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. Rathbones Group PLC purchased a new stake in shares of New Found Gold during the third quarter worth about $198,000. Finally, Sprott Inc. purchased a new stake in New Found Gold in the third quarter worth about $52,000. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

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.