Millennium Management LLC lifted its holdings in New Found Gold Corp. (NYSE:NFGC – Free Report) by 668.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 728,567 shares of the company’s stock after buying an additional 633,722 shares during the quarter. Millennium Management LLC’s holdings in New Found Gold were worth $1,323,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of New Found Gold in the fourth quarter worth about $34,000. National Bank of Canada FI boosted its stake in shares of New Found Gold by 58.8% in the fourth quarter. National Bank of Canada FI now owns 41,182 shares of the company’s stock worth $74,000 after acquiring an additional 15,256 shares during the period. Aristides Capital LLC bought a new position in shares of New Found Gold in the fourth quarter worth about $75,000. Bank of Montreal Can boosted its stake in shares of New Found Gold by 7.6% in the fourth quarter. Bank of Montreal Can now owns 85,430 shares of the company’s stock worth $154,000 after acquiring an additional 5,998 shares during the period. Finally, Sprott Inc. bought a new position in shares of New Found Gold in the fourth quarter worth about $178,000. Institutional investors own 3.43% of the company’s stock.
Analysts Set New Price Targets
Separately, Roth Mkm cut their price target on New Found Gold from $9.00 to $5.00 and set a “buy” rating for the company in a report on Monday, March 10th.
New Found Gold Price Performance
NYSE NFGC opened at $1.54 on Wednesday. The stock has a market capitalization of $309.17 million, a PE ratio of -7.00 and a beta of 1.12. The business has a 50 day simple moving average of $1.20 and a two-hundred day simple moving average of $1.54. New Found Gold Corp. has a 1-year low of $0.93 and a 1-year high of $3.65.
New Found Gold Profile
New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland; and the Kingsway project located in Gander, Newfoundland.
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