New Found Gold (NYSE:NFGC) Shares Down 6.3% - What's Next?

Key Points

• New Found Gold Corp. shares fell by 6.3% on Thursday, trading at approximately $2.44 after previously closing at $2.60.
• The company has a market cap of $612.45 million and a negative PE ratio of -11.45, indicating challenges in profitability.
• Recent investments from hedge funds have increased, with notable purchases including a 60.4% increase in holdings by National Bank of Canada FI during the first quarter.

New Found Gold Corp. (NYSE:NFGC - )'s share price fell 6.3% on Thursday . The company traded as low as $2.43 and last traded at $2.44. 1,015,618 shares traded hands during trading, a decline of 3% from the average session volume of 1,044,320 shares. The stock had previously closed at $2.60.

New Found Gold Stock Down 3.1%

The stock has a market cap of $612.45 million, a PE ratio of -11.45 and a beta of 1.37. The firm has a fifty day moving average of $1.94 and a 200 day moving average of $1.55.

Hedge Funds Weigh In On New Found Gold

Several large investors have recently bought and sold shares of the business. Total Wealth Planning & Management Inc. increased its holdings in New Found Gold by 7.0% in the second quarter. Total Wealth Planning & Management Inc. now owns 134,200 shares of the company's stock valued at $191,000 after buying an additional 8,800 shares during the last quarter. Midwest Trust Co purchased a new position in New Found Gold in the second quarter valued at $28,000. XTX Topco Ltd purchased a new position in New Found Gold in the first quarter valued at $25,000. National Bank of Canada FI increased its holdings in New Found Gold by 60.4% in the first quarter. National Bank of Canada FI now owns 66,058 shares of the company's stock valued at $77,000 after buying an additional 24,876 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in New Found Gold in the first quarter valued at $52,000. Hedge funds and other 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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