New Found Gold (NYSE:NFGC) Shares Down 5.2% - Should You Sell?

Key Points

• New Found Gold Corp. shares fell by 5.2%, trading at $2.30 with a significant decline in trading volume, down 84% from the average.
• The company has a market cap of approximately $560 million and a P/E ratio of -10.48, indicating current losses.
• Recent institutional investments include XTX Topco Ltd and Midwest Trust Co, pushing institutional ownership to 3.43%.

New Found Gold Corp. (NYSE:NFGC - ) was down 5.2% during trading on Thursday . The stock traded as low as $2.33 and last traded at $2.30. Approximately 164,773 shares changed hands during trading, a decline of 84% from the average daily volume of 1,021,121 shares. The stock had previously closed at $2.42.

New Found Gold Stock Performance

The stock has a market cap of $560.18 million, a P/E ratio of -10.48 and a beta of 1.32. The firm's 50 day moving average is $1.85 and its 200 day moving average is $1.52.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. XTX Topco Ltd bought a new position in shares of New Found Gold during the 1st quarter worth approximately $25,000. Midwest Trust Co purchased a new stake in New Found Gold during the 2nd quarter worth approximately $28,000. Virtu Financial LLC purchased a new stake in New Found Gold during the 1st quarter worth approximately $52,000. National Bank of Canada FI grew its position in New Found Gold by 60.4% during the 1st quarter. National Bank of Canada FI now owns 66,058 shares of the company's stock worth $77,000 after purchasing an additional 24,876 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in New Found Gold during the 2nd quarter worth approximately $82,000. Institutional investors 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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