New Found Gold (NYSE:NFGC) Shares Up 6.6% – Should You Buy?

New Found Gold Corp. (NYSE:NFGC) was up 6.6% during mid-day trading on Wednesday . The stock traded as high as $1.80 and last traded at $1.77. Approximately 568,844 shares traded hands during trading, an increase of 33% from the average daily volume of 428,085 shares. The stock had previously closed at $1.66.

New Found Gold Price Performance

The stock’s 50 day moving average is $2.29 and its 200-day moving average is $2.74. The company has a market capitalization of $352.07 million, a P/E ratio of -8.05 and a beta of 1.12.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Marshall Wace LLP purchased a new stake in shares of New Found Gold in the 2nd quarter worth approximately $703,000. Renaissance Technologies LLC purchased a new stake in shares of New Found Gold in the second quarter worth $637,000. Van ECK Associates Corp increased 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 acquiring an additional 462,191 shares in the last quarter. Quadrature Capital Ltd raised its position in shares of New Found Gold by 72.9% in the 1st quarter. Quadrature Capital Ltd now owns 18,553 shares of the company’s stock worth $68,000 after purchasing an additional 7,821 shares during the last quarter. Finally, HM Payson & Co. boosted its stake in New Found Gold by 213.3% in the 1st quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock worth $174,000 after purchasing an additional 32,000 shares in the last quarter. 3.43% of the stock is owned by hedge funds and other institutional investors.

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.