New Found Gold (NYSE:NFGC) Stock Price Down 5.3% – Time to Sell?

New Found Gold Corp. (NYSE:NFGC) shares traded down 5.3% during mid-day trading on Wednesday . The company traded as low as $1.61 and last traded at $1.61. Approximately 1,799,041 shares traded hands during trading, a decline of 9% from the average daily volume of 1,979,068 shares. The stock had previously closed at $1.70.

Analysts Set New Price Targets

Separately, Zacks Research downgraded shares of New Found Gold from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 26th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

New Found Gold Stock Performance

The company has a market cap of $622.28 million, a P/E ratio of -7.36 and a beta of 1.35. The company’s 50-day moving average price is $1.96 and its two-hundred day moving average price is $2.45.

Institutional Trading of New Found Gold

Several institutional investors and hedge funds have recently bought and sold shares of NFGC. Bank of America Corp DE lifted its holdings in New Found Gold by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 2,091,355 shares of the company’s stock worth $2,970,000 after buying an additional 121,083 shares during the last quarter. Fiscal Wisdom Wealth Management LLC bought a new stake in shares of New Found Gold in the 3rd quarter valued at approximately $95,000. MMCAP International Inc. SPC acquired a new stake in shares of New Found Gold during the 3rd quarter valued at approximately $268,000. R Squared Ltd raised its position in shares of New Found Gold by 66.6% during the 3rd quarter. R Squared Ltd now owns 18,072 shares of the company’s stock valued at $43,000 after acquiring an additional 7,222 shares in the last quarter. Finally, Sprott Inc. lifted its stake in New Found Gold by 8.2% during the third quarter. Sprott Inc. now owns 4,016,894 shares of the company’s stock worth $9,542,000 after purchasing an additional 305,772 shares during the last quarter. Institutional investors and hedge funds own 3.43% of the company’s stock.

About New Found Gold

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.