Bank of America Corp DE Has $8.42 Million Position in New Found Gold Corp. $NFGC

Key Points

• Bank of America significantly increased its New Found Gold stake by 367.2% in the first quarter, owning 4.34 million shares valued at approximately $8.42 million, or 1.78% of the company.
• Institutional ownership remains limited at 3.43%, although several funds initiated new positions. Zacks Research upgraded the stock from “strong sell” to “hold,” matching the overall analyst consensus.
• New Found Gold shares recently traded at $1.90, up 3.3%, with a 52-week range of $1.34 to $3.59. The company is focused on exploring gold deposits through its Queensway Project in Newfoundland.

Bank of America Corp DE increased its holdings in shares of New Found Gold Corp. (NYSE:NFGC - Free Report) by 367.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,339,339 shares of the company's stock after purchasing an additional 3,410,529 shares during the period. Bank of America Corp DE owned approximately 1.78% of New Found Gold worth $8,418,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Cladis Investment Advisory LLC bought a new position in New Found Gold in the fourth quarter valued at approximately $30,000. Hsbc Holdings PLC acquired a new position in New Found Gold in the 4th quarter worth $39,000. SG Americas Securities LLC acquired a new position in New Found Gold in the 1st quarter worth $28,000. Oppenheimer & Co. Inc. bought a new position in New Found Gold during the 4th quarter worth about $48,000. Finally, Periscope Capital Inc. bought a new position in New Found Gold during the 4th quarter worth about $52,000. 3.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

New Found Gold Trading Up 3.3%

New Found Gold stock opened at $1.90 on Tuesday. New Found Gold Corp. has a 1-year low of $1.34 and a 1-year high of $3.59. The company has a fifty day simple moving average of $1.56 and a 200 day simple moving average of $1.96. The company has a market cap of $731.87 million, a P/E ratio of -8.64 and a beta of 1.40.

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.

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