Groupe la Francaise Invests $4.34 Million in New Found Gold Corp. $NFGC

Key Points

• Groupe la Francaise acquired 2.33 million shares of New Found Gold in the first quarter, valued at approximately $4.34 million and representing about 0.96% of the company.
• Other institutional investors also increased or initiated positions, but total hedge fund and institutional ownership remains modest at 3.43%.
• New Found Gold shares opened at $1.36, near their 52-week low of $1.34, while analysts maintain a consensus “Hold” rating following a Zacks Research upgrade from “strong sell.”

Groupe la Francaise acquired a new stake in New Found Gold Corp. (NYSE:NFGC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,331,900 shares of the company's stock, valued at approximately $4,344,000. Groupe la Francaise owned approximately 0.96% of New Found Gold at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of NFGC. MMCAP International Inc. SPC lifted its stake in New Found Gold by 561.6% during the 4th quarter. MMCAP International Inc. SPC now owns 745,835 shares of the company's stock worth $2,212,000 after acquiring an additional 633,110 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in New Found Gold in the 4th quarter valued at about $48,000. HM Payson & Co. acquired a new position in New Found Gold in the 4th quarter valued at about $80,000. Barclays PLC purchased a new stake in New Found Gold during the fourth quarter worth about $75,000. Finally, LPL Financial LLC purchased a new stake in New Found Gold during the fourth quarter worth about $69,000. Hedge funds and other institutional investors own 3.43% of the company's stock.

Analysts Set New Price Targets

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

New Found Gold Stock Down 4.9%

NYSE:NFGC opened at $1.36 on Friday. New Found Gold Corp. has a 52 week low of $1.34 and a 52 week high of $3.59. The company has a fifty day simple moving average of $1.60 and a two-hundred day simple moving average of $2.13. The company has a market cap of $522.73 million, a price-to-earnings ratio of -6.18 and a beta of 1.39.

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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