Renaissance Technologies LLC Purchases 642,812 Shares of New Found Gold Corp. $NFGC

Renaissance Technologies LLC boosted its holdings in New Found Gold Corp. (NYSE:NFGC) by 1,012.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 706,323 shares of the company’s stock after buying an additional 642,812 shares during the period. Renaissance Technologies LLC’s holdings in New Found Gold were worth $1,370,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. SG Americas Securities LLC purchased a new position in shares of New Found Gold in the first quarter valued at about $28,000. Cladis Investment Advisory LLC purchased a new stake in shares of New Found Gold during the fourth quarter worth about $30,000. Hsbc Holdings PLC purchased a new stake in shares of New Found Gold during the fourth quarter worth about $39,000. Oppenheimer & Co. Inc. bought a new stake in New Found Gold during the 4th quarter valued at approximately $48,000. Finally, FWG Holdings LLC bought a new stake in New Found Gold during the 4th quarter valued at approximately $50,000. 3.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded New Found Gold from a “strong sell” rating to a “hold” rating in a research note on Friday, July 3rd. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, New Found Gold presently has a consensus rating of “Hold”.

New Found Gold Stock Performance

NFGC opened at $1.65 on Thursday. The stock has a market capitalization of $634.19 million, a price-to-earnings ratio of -7.50 and a beta of 1.40. The company has a fifty day moving average of $1.53 and a 200 day moving average of $2.04. New Found Gold Corp. has a fifty-two week low of $1.34 and a fifty-two week high of $3.59.

New Found Gold Company Profile

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.