New Found Gold (NYSE:NFGC) Stock Price Down 7.1% – Here’s Why

New Found Gold Corp. (NYSE:NFGC) fell 7.1% during mid-day trading on Thursday. The stock traded as low as $1.4850 and last traded at $1.5050. Approximately 387,382 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,654,283 shares. The stock had previously closed at $1.62.

New Found Gold Trading Down 6.5%

The firm has a market cap of $584.69 million, a price-to-earnings ratio of -6.88 and a beta of 1.36. The firm’s 50-day moving average is $1.67 and its 200-day moving average is $1.93.

Institutional Investors Weigh In On New Found Gold

Several hedge funds and other institutional investors have recently made changes to their positions in NFGC. Van ECK Associates Corp grew its holdings in New Found Gold by 6.9% during the second quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company’s stock worth $12,561,000 after buying an additional 527,903 shares in the last quarter. Bank of America Corp DE grew its stake in shares of New Found Gold by 367.2% in the 1st quarter. Bank of America Corp DE now owns 4,339,339 shares of the company’s stock worth $8,418,000 after acquiring an additional 3,410,529 shares in the last quarter. Groupe la Francaise raised its holdings in shares of New Found Gold by 7.2% in the second quarter. Groupe la Francaise now owns 2,500,000 shares of the company’s stock valued at $3,862,000 after purchasing an additional 168,100 shares during the last quarter. Compass Financial Management LLC purchased a new stake in shares of New Found Gold in the third quarter valued at about $2,051,000. Finally, Heartland Advisors Inc. raised its holdings in shares of New Found Gold by 22.6% in the third quarter. Heartland Advisors Inc. now owns 1,047,500 shares of the company’s stock valued at $1,718,000 after purchasing an additional 193,300 shares during the last quarter. 3.43% of the stock is owned by institutional investors.

About New Found Gold

New Found Gold Corp. is a Canadian mineral exploration company focused on discovering and evaluating gold deposits. The company’s principal asset is its Queensway project in Newfoundland and Labrador, near the town of Gander. At Queensway, New Found Gold conducts exploration activities including drilling, geological mapping and sampling to investigate gold-bearing zones and assess their potential. The company is focused on advancing the project through exploration and resource evaluation rather than operating a producing mine.