Bank of America Corp DE Acquires New Stake in New Found Gold Corp. $NFGC

Key Points

• Bank of America acquired 2.45 million shares of New Found Gold in the second quarter, valued at approximately $3.77 million and representing about 0.64% of the company.
• Other institutional investors also increased their exposure, but institutions and hedge funds collectively own only 3.43% of NFGC.
• NFGC opened at $1.68, near its 50-day moving average, while analysts maintain a consensus “Hold” rating. New Found Gold is focused on exploring its Queensway gold project in Newfoundland.

Bank of America Corp DE bought a new stake in shares of New Found Gold Corp. (NYSE:NFGC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,447,500 shares of the company's stock, valued at approximately $3,769,000. Bank of America Corp DE owned about 0.64% of New Found Gold as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NFGC. Groupe la Francaise acquired a new stake in shares of New Found Gold during the first quarter worth $4,344,000. Heartland Advisors Inc. increased its position in shares of New Found Gold by 2.9% in the 1st quarter. Heartland Advisors Inc. now owns 900,700 shares of the company's stock valued at $1,747,000 after acquiring an additional 25,500 shares during the period. Renaissance Technologies LLC increased its position in shares of New Found Gold by 1,012.1% in the 1st quarter. Renaissance Technologies LLC now owns 706,323 shares of the company's stock valued at $1,370,000 after acquiring an additional 642,812 shares during the period. Total Wealth Planning & Management Inc. purchased a new position in New Found Gold in the 4th quarter worth $450,000. Finally, BlackRock Inc. purchased a new position in New Found Gold in the 2nd quarter worth $186,000. 3.43% of the stock is currently owned by institutional investors and hedge funds.

New Found Gold Price Performance

NYSE NFGC opened at $1.68 on Wednesday. New Found Gold Corp. has a 1 year low of $1.34 and a 1 year high of $3.59. The company has a market capitalization of $648.11 million, a PE ratio of -7.64 and a beta of 1.44. The company has a fifty day moving average of $1.69 and a 200 day moving average of $1.79.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded New Found Gold from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, New Found Gold currently has a consensus rating of "Hold".

New Found Gold Profile

New Found Gold Corp. is a mineral exploration company focused on the discovery and development of gold deposits in Newfoundland, Canada. The company does not currently produce or sell gold; its activities center on geological research, drilling, resource evaluation and other exploration work.

New Found Gold's principal asset is the Queensway Project, a large exploration property near Gander in central Newfoundland. The project is located close to major transportation infrastructure, including the Trans-Canada Highway, and is being explored for high-grade gold mineralization.

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.