New Found Gold (NYSE:NFGC) Stock Price Up 1.9% - Here's What Happened

Key Points

• New Found Gold Corp. (NYSE:NFGC) experienced a 1.9% increase in stock price, trading as high as $2.20 before closing at $2.16 during Monday's session.
• The trading volume saw a significant surge, with 1,468,911 shares traded, marking a 48% increase from the average session volume.
• Institutional investors made notable moves, with Bank of America increasing its holdings by 6.1% and XTX Topco Ltd boosting its stake by an impressive 1,025.2%.

New Found Gold Corp. (NYSE:NFGC - )'s stock price shot up 1.9% during trading on Monday . The stock traded as high as $2.20 and last traded at $2.16. 1,468,911 shares traded hands during mid-day trading, an increase of 48% from the average session volume of 995,690 shares. The stock had previously closed at $2.12.

New Found Gold Price Performance

The stock has a 50 day moving average price of $1.76 and a two-hundred day moving average price of $1.49. The firm has a market capitalization of $524.94 million, a price-to-earnings ratio of -9.82 and a beta of 1.32.

Institutional Trading of New Found Gold

A number of institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in New Found Gold by 6.1% during 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 last quarter. Quadrature Capital Ltd purchased a new stake in New Found Gold during the 2nd quarter worth about $82,000. XTX Topco Ltd lifted its holdings in New Found Gold by 1,025.2% during 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 last quarter. Midwest Trust Co purchased a new stake in New Found Gold during the 2nd quarter worth about $28,000. Finally, Timelo Investment Management Inc. purchased a new stake in shares of New Found Gold in the 2nd quarter valued at about $254,000. 3.43% of the stock is owned by hedge funds and other 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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