New Found Gold (NYSE:NFGC) Stock Price Up 4.4% – What’s Next?

New Found Gold Corp. (NYSE:NFGC)’s share price rose 4.4% during mid-day trading on Thursday . The stock traded as high as $2.63 and last traded at $2.61. Approximately 267,039 shares were traded 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 5.0 %

The firm has a market capitalization of $528.56 million, a PE ratio of -9.13 and a beta of 1.11. The firm’s fifty day simple moving average is $2.65 and its 200-day simple moving average is $3.06.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NFGC. Van ECK Associates Corp raised its holdings in shares of New Found Gold by 9.5% during the second quarter. Van ECK Associates Corp now owns 5,337,448 shares of the company’s stock valued at $15,061,000 after purchasing an additional 462,191 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of New Found Gold during the second quarter valued at approximately $703,000. Renaissance Technologies LLC purchased a new position in shares of New Found Gold during the second quarter valued at approximately $637,000. Rathbones Group PLC purchased a new position in shares of New Found Gold during the second quarter valued at approximately $145,000. Finally, Virtu Financial LLC purchased a new position in shares of New Found Gold during the first quarter valued at approximately $186,000. 3.43% of the stock is owned by hedge funds and other institutional investors.

New Found Gold Company Profile

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.