New Found Gold (NYSE:NFGC) Trading Up 9.5% - Still a Buy?

Key Points

• New Found Gold shares rose 9.5% on Wednesday, trading as high as $1.55 before ending near $1.56, though volume was far below average.
• Zacks Research upgraded the stock from “strong sell” to “hold,” leaving the company with an overall consensus rating of “Hold.”
• Institutional investors increased their stakes in the company, with notable additions from Sprott, Bank of America, and Jane Street, while institutions now own 3.43% of the stock.

New Found Gold Corp. (NYSE:NFGC - Get Free Report) traded up 9.5% during trading on Wednesday . The company traded as high as $1.55 and last traded at $1.5550. 180,476 shares were traded during mid-day trading, a decline of 90% from the average session volume of 1,888,451 shares. The stock had previously closed at $1.42.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded New Found Gold from a "strong sell" rating to a "hold" rating in a research report on Friday, July 3rd. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, New Found Gold currently has an average rating of "Hold".

New Found Gold Price Performance

The stock has a 50-day moving average of $1.69 and a 200-day moving average of $2.22. The firm has a market cap of $601.52 million, a price-to-earnings ratio of -7.11 and a beta of 1.39.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Sprott Inc. lifted its position in New Found Gold by 99.1% during the fourth quarter. Sprott Inc. now owns 7,997,610 shares of the company's stock worth $23,685,000 after purchasing an additional 3,980,716 shares during the period. Bank of America Corp DE increased its holdings in New Found Gold by 367.2% in the 1st quarter. Bank of America Corp DE now owns 4,339,339 shares of the company's stock valued at $8,418,000 after buying an additional 3,410,529 shares during the period. Jane Street Group LLC raised its position in shares of New Found Gold by 704.8% in the 4th quarter. Jane Street Group LLC now owns 2,894,158 shares of the company's stock valued at $8,563,000 after buying an additional 2,534,535 shares in the last quarter. Groupe la Francaise acquired a new position in shares of New Found Gold in the 1st quarter valued at approximately $4,344,000. Finally, Moerus Capital Management LLC bought a new stake in shares of New Found Gold during the 4th quarter worth approximately $5,007,000. Institutional investors own 3.43% of the company's stock.

New Found Gold Company Profile

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.

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