New Found Gold (NYSE:NFGC) Shares Up 5.2% – Time to Buy?

New Found Gold Corp. (NYSE:NFGC)’s stock price shot up 5.2% during trading on Wednesday . The company traded as high as $1.77 and last traded at $1.7250. 246,645 shares traded hands during trading, a decline of 86% from the average daily volume of 1,770,351 shares. The stock had previously closed at $1.64.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded New Found Gold from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.

New Found Gold Price Performance

The stock’s fifty day moving average price is $1.64 and its 200-day moving average price is $1.84. The firm has a market cap of $705.79 million, a price-to-earnings ratio of -8.32 and a beta of 1.44.

Institutional Investors Weigh In On New Found Gold

Several hedge funds have recently bought and sold shares of NFGC. Hsbc Holdings PLC lifted its stake in shares of New Found Gold by 65.3% in the first quarter. Hsbc Holdings PLC now owns 21,267 shares of the company’s stock worth $41,000 after buying an additional 8,400 shares during the last quarter. Cladis Investment Advisory LLC bought a new stake in shares of New Found Gold during the 4th quarter worth $30,000. SG Americas Securities LLC acquired a new position in New Found Gold in the 1st quarter valued at $28,000. Periscope Capital Inc. bought a new position in New Found Gold in the 4th quarter worth $52,000. Finally, Heartland Advisors Inc. lifted its position in New Found Gold by 2.9% during the 1st quarter. Heartland Advisors Inc. now owns 900,700 shares of the company’s stock worth $1,747,000 after acquiring an additional 25,500 shares during the last quarter. 3.43% of the stock is owned by hedge funds and other institutional investors.

New Found Gold Company Profile

New Found Gold Corp. is a mineral exploration company focused on the discovery and development of gold deposits in Newfoundland, Canada. The company does not currently produce or sell gold; its activities center on geological research, drilling, resource evaluation and other exploration work.

New Found Gold’s principal asset is the Queensway Project, a large exploration property near Gander in central Newfoundland. The project is located close to major transportation infrastructure, including the Trans-Canada Highway, and is being explored for high-grade gold mineralization.