New Found Gold (NYSE:NFGC) Trading Up 4.4% – Here’s What Happened

Shares of New Found Gold Corp. (NYSE:NFGC) rose 4.4% on Thursday . The company traded as high as $2.63 and last traded at $2.61. Approximately 267,039 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 392,995 shares. The stock had previously closed at $2.50.

New Found Gold Stock Up 4.4 %

The stock has a market capitalization of $503.48 million, a price-to-earnings ratio of -8.80 and a beta of 1.11. The company has a 50 day simple moving average of $2.63 and a 200-day simple moving average of $3.07.

New Found Gold (NYSE:NFGC) last released its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter. As a group, sell-side analysts anticipate that New Found Gold Corp. will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of New Found Gold

Several large investors have recently made changes to their positions in the company. Quadrature Capital Ltd acquired a new stake in New Found Gold in the 4th quarter valued at $38,000. Van ECK Associates Corp grew its holdings in shares of New Found Gold by 1.4% during the first quarter. Van ECK Associates Corp now owns 4,875,257 shares of the company’s stock valued at $17,967,000 after buying an additional 69,342 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of New Found Gold in the 1st quarter worth about $186,000. Cetera Advisors LLC bought a new stake in New Found Gold during the 1st quarter worth approximately $93,000. Finally, HM Payson & Co. boosted its position in shares of New Found Gold by 213.3% during the first quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after buying an additional 32,000 shares during the last quarter. 3.43% of the stock is currently owned by institutional investors and hedge funds.

About New Found Gold

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.