New Found Gold (NYSE:NFGC) Sees Strong Trading Volume - Should You Buy?

Key Points

• New Found Gold Corp. experienced a significant increase in trading volume, with approximately 1.5 million shares traded, marking a 53% rise from the previous session.
• The stock price rose by 11.4%, ending at $2.37, compared to a previous close of $2.14.
• Institutional investors have increased their stakes in New Found Gold significantly, with notable increases by Millennium Management (668.2%) and Bank of America (25.9%) in the last quarter.

New Found Gold Corp. (NYSE:NFGC - ) shares saw unusually-strong trading volume on Friday . Approximately 1,524,455 shares were traded during trading, an increase of 53% from the previous session's volume of 998,373 shares.The stock last traded at $2.37 and had previously closed at $2.14.

New Found Gold Trading Up 11.4%

The business's 50 day moving average price is $1.79 and its 200-day moving average price is $1.50. The company has a market cap of $579.62 million, a price-to-earnings ratio of -10.80 and a beta of 1.32.

Institutional Trading of New Found Gold

A number of hedge funds have recently modified their holdings of NFGC. Bank of America Corp DE lifted its stake in shares of New Found Gold by 25.9% during the 4th quarter. Bank of America Corp DE now owns 636,712 shares of the company's stock worth $1,159,000 after buying an additional 130,995 shares during the last quarter. Millennium Management LLC lifted its stake in shares of New Found Gold by 668.2% during the 4th quarter. Millennium Management LLC now owns 728,567 shares of the company's stock worth $1,323,000 after buying an additional 633,722 shares during the last quarter. Integrated Advisors Network LLC raised its stake in New Found Gold by 37.0% in the 4th quarter. Integrated Advisors Network LLC now owns 83,290 shares of the company's stock worth $152,000 after purchasing an additional 22,500 shares in the last quarter. Total Wealth Planning & Management Inc. raised its stake in New Found Gold by 13.9% in the 1st quarter. Total Wealth Planning & Management Inc. now owns 125,400 shares of the company's stock worth $150,000 after purchasing an additional 15,328 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in New Found Gold in the 1st quarter worth about $25,000. Institutional investors and hedge funds own 3.43% of the company's stock.

New Found Gold Company Profile

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.

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