Roth Capital Increases Earnings Estimates for New Found Gold

New Found Gold Corp. (NYSE:NFGC) – Stock analysts at Roth Capital increased their FY2024 earnings per share estimates for shares of New Found Gold in a research note issued on Tuesday, December 24th. Roth Capital analyst M. Niehuser now forecasts that the company will earn ($0.19) per share for the year, up from their previous estimate of ($0.23). The consensus estimate for New Found Gold’s current full-year earnings is ($0.28) per share. Roth Capital also issued estimates for New Found Gold’s Q4 2024 earnings at ($0.06) EPS and FY2025 earnings at ($0.23) EPS.

New Found Gold Price Performance

Shares of NYSE:NFGC opened at $1.75 on Friday. New Found Gold has a 1 year low of $1.51 and a 1 year high of $4.15. The company has a market cap of $348.09 million, a P/E ratio of -7.95 and a beta of 1.00. The stock’s fifty day moving average price is $1.91 and its 200-day moving average price is $2.46.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NFGC. Toronto Dominion Bank increased its stake in New Found Gold by 10,700.5% in the 3rd quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock worth $54,000 after buying an additional 21,294 shares during the period. National Bank of Canada FI increased its position in shares of New Found Gold by 26.8% during the third quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock worth $66,000 after acquiring an additional 5,476 shares during the period. 1832 Asset Management L.P. bought a new stake in shares of New Found Gold during the second quarter valued at approximately $71,000. Quadrature Capital Ltd bought a new stake in shares of New Found Gold during the third quarter valued at approximately $79,000. Finally, Atom Investors LP purchased a new stake in shares of New Found Gold in the third quarter valued at approximately $87,000. Institutional investors own 3.43% of the company’s stock.

About New Found Gold

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.