New Found Gold (NYSE:NFGC) Shares Gap Down - Here's What Happened

Key Points

• New Found Gold Corp. shares experienced a gap down at the market open, falling from a previous close of $2.44 to open at $2.26, with the latest trading price at $2.15.
• The stock's market capitalization stands at $528.61 million, with a P/E ratio of -9.89 and a beta of 1.37, indicating higher volatility compared to the market.
• Recent institutional activity includes Bank of America increasing its holdings by 6.1%, resulting in ownership of over 2 million shares, while various other funds acquired new positions in the company.

New Found Gold Corp. (NYSE:NFGC - )'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $2.44, but opened at $2.26. New Found Gold shares last traded at $2.15, with a volume of 665,663 shares trading hands.

New Found Gold Trading Down 10.9%

The stock's 50-day moving average price is $2.08 and its two-hundred day moving average price is $1.63. The stock has a market capitalization of $528.61 million, a P/E ratio of -9.89 and a beta of 1.37.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in New Found Gold by 6.1% in the 2nd quarter. Bank of America Corp DE now owns 2,091,355 shares of the company's stock worth $2,970,000 after buying an additional 121,083 shares during the period. Quadrature Capital Ltd bought a new position in New Found Gold in the 2nd quarter worth approximately $82,000. XTX Topco Ltd boosted its holdings in New Found Gold by 1,025.2% in the 2nd quarter. XTX Topco Ltd now owns 230,136 shares of the company's stock worth $327,000 after buying an additional 209,684 shares during the period. Midwest Trust Co bought a new position in New Found Gold in the 2nd quarter worth approximately $28,000. Finally, Timelo Investment Management Inc. bought a new position in New Found Gold in the 2nd quarter worth approximately $254,000. 3.43% of the stock is owned by institutional investors.

About New Found Gold

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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