854,200 Shares in New Found Gold Corp. $NFGC Purchased by Heartland Advisors Inc.

Key Points

• Heartland Advisors acquired 854,200 shares of New Found Gold in the second quarter, worth approximately $1.315 million and representing 0.22% of the company.
• Several institutional investors increased or initiated positions, including Sprott, Bank of America, Jane Street, Groupe la Française and Moerus Capital. Hedge funds and other institutions collectively own 3.43% of NFGC.
• New Found Gold shares opened at $1.84, within a 52-week range of $1.34 to $3.59. Analyst sentiment remains neutral, with the stock carrying an average “Hold” rating.

Heartland Advisors Inc. bought a new position in New Found Gold Corp. (NYSE:NFGC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 854,200 shares of the company's stock, valued at approximately $1,315,000. Heartland Advisors Inc. owned 0.22% of New Found Gold as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NFGC. Sprott Inc. increased its position in shares of New Found Gold by 99.1% during the fourth quarter. Sprott Inc. now owns 7,997,610 shares of the company's stock valued at $23,685,000 after buying an additional 3,980,716 shares during the period. Bank of America Corp DE grew its stake in New Found Gold by 367.2% during the first quarter. Bank of America Corp DE now owns 4,339,339 shares of the company's stock valued at $8,418,000 after acquiring an additional 3,410,529 shares in the last quarter. Jane Street Group LLC grew its stake in New Found Gold by 704.8% during the fourth quarter. Jane Street Group LLC now owns 2,894,158 shares of the company's stock valued at $8,563,000 after acquiring an additional 2,534,535 shares in the last quarter. Groupe la Francaise bought a new position in New Found Gold in the 1st quarter valued at $4,344,000. Finally, Moerus Capital Management LLC purchased a new position in shares of New Found Gold during the 4th quarter valued at $5,007,000. Hedge funds and other institutional investors own 3.43% of the company's stock.

New Found Gold Price Performance

Shares of New Found Gold stock opened at $1.84 on Friday. New Found Gold Corp. has a 1 year low of $1.34 and a 1 year high of $3.59. The firm has a market cap of $708.76 million, a PE ratio of -8.36 and a beta of 1.40. The company has a 50 day simple moving average of $1.55 and a two-hundred day simple moving average of $1.98.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of 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".

About New Found Gold

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.

Want to see what other hedge funds are holding NFGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Found Gold Corp. (NYSE:NFGC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source