New Found Gold (NYSE:NFGC) Stock Price Up 6.9% - Time to Buy?

Key Points

• Stock jump: New Found Gold rose 6.9% to $2.31 on Monday (intraday high $2.34) with volume of ~3.81 million shares, a 79% increase over its average daily volume.
• Negative analyst view: Zacks downgraded the stock from Hold to Strong Sell, and MarketBeat shows a consensus rating of Sell.
• Company fundamentals and focus: The Canadian explorer (market cap ~$561.6M, P/E -10.5) is centered on the Queensway Project in Newfoundland; its 50-day moving average ($2.31) sits below the 200-day average ($2.53), suggesting recent weakness despite the price pop.

New Found Gold Corp. (NYSE:NFGC - Get Free Report)'s stock price rose 6.9% during trading on Monday . The company traded as high as $2.34 and last traded at $2.31. Approximately 3,811,481 shares were traded during mid-day trading, an increase of 79% from the average daily volume of 2,130,278 shares. The stock had previously closed at $2.16.

Wall Street Analyst Weigh In

Separately, Zacks Research lowered New Found Gold from a "hold" rating to a "strong sell" rating in a report on Thursday, March 26th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of "Sell".

New Found Gold Stock Up 6.9%

The company has a fifty day moving average of $2.31 and a two-hundred day moving average of $2.53. The stock has a market capitalization of $561.62 million, a price-to-earnings ratio of -10.50 and a beta of 1.43.

Institutional Trading of New Found Gold

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in New Found Gold by 6.1% during the second quarter. Bank of America Corp DE now owns 2,091,355 shares of the company's stock worth $2,970,000 after purchasing an additional 121,083 shares in the last quarter. Hollencrest Capital Management purchased a new stake in New Found Gold in the 3rd quarter valued at approximately $225,000. Waterloo Capital L.P. purchased a new stake in New Found Gold in the 3rd quarter valued at approximately $47,000. Heartland Advisors Inc. acquired a new position in New Found Gold during the 3rd quarter worth approximately $611,000. Finally, Fiscal Wisdom Wealth Management LLC acquired a new position in New Found Gold during the 3rd quarter worth approximately $95,000. Hedge funds and other institutional investors own 3.43% of the company's stock.

About New Found Gold

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.