New Found Gold (NYSE:NFGC) Rating Reiterated by Roth Mkm

New Found Gold (NYSE:NFGC)‘s stock had its “buy” rating restated by equities research analysts at Roth Mkm in a note issued to investors on Tuesday, Benzinga reports. They presently have a $9.00 price objective on the stock. Roth Mkm’s target price points to a potential upside of 145.90% from the stock’s current price.

New Found Gold Stock Performance

New Found Gold stock opened at $3.66 on Tuesday. The stock has a fifty day moving average of $3.53 and a 200 day moving average of $3.57. New Found Gold has a one year low of $3.02 and a one year high of $5.27. The stock has a market cap of $695.18 million, a PE ratio of -11.09 and a beta of 1.22.

New Found Gold (NYSE:NFGC) last announced its quarterly 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 predict that New Found Gold will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On New Found Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in shares of New Found Gold by 7.8% in the 4th quarter. Van ECK Associates Corp now owns 4,805,915 shares of the company’s stock valued at $16,948,000 after purchasing an additional 348,520 shares in the last quarter. Rathbones Group PLC purchased a new stake in New Found Gold in the third quarter valued at approximately $198,000. 1832 Asset Management L.P. purchased a new stake in New Found Gold in the fourth quarter valued at approximately $88,000. Raymond James Financial Services Advisors Inc. increased its position 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 acquiring an additional 3,276 shares during the period. Finally, National Bank of Canada FI grew its stake 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 in the last quarter. Hedge funds and other 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.