New Found Gold (NYSE:NFGC) Shares Up 5.2% - What's Next?

Key Points

• New Found Gold shares rose 5.2% to $1.725 during Wednesday trading, although volume was 86% below the average session volume.
• Zacks Research upgraded the stock from “strong sell” to “hold”; the sole analyst rating tracked by MarketBeat also has a Hold recommendation.
• Several institutional investors increased or initiated positions, but institutional ownership remains relatively low at 3.43%. New Found Gold is an exploration company focused on its Queensway gold project in Newfoundland and does not currently produce gold.

Shares of New Found Gold Corp. (NYSE:NFGC - Get Free Report) shot up 5.2% during trading on Wednesday . The company traded as high as $1.77 and last traded at $1.7250. Approximately 246,645 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,770,351 shares. The stock had previously closed at $1.64.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of New Found Gold from a "strong sell" rating to a "hold" rating in a research note on Friday, July 3rd. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold".

New Found Gold Stock Performance

The company has a market capitalization of $676.87 million, a price-to-earnings ratio of -7.93 and a beta of 1.44. The business's 50 day moving average price is $1.63 and its two-hundred day moving average price is $1.85.

Institutional Trading of New Found Gold

A number of hedge funds and other institutional investors have recently modified their holdings of NFGC. Bank of America Corp DE grew its stake in shares of 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 worth $8,418,000 after purchasing an additional 3,410,529 shares during the last quarter. Groupe la Francaise acquired a new stake in New Found Gold during the first quarter valued at approximately $4,344,000. Heartland Advisors Inc. bought a new stake in New Found Gold during the second quarter worth approximately $1,315,000. Renaissance Technologies LLC boosted its holdings in New Found Gold by 1,012.1% during the first quarter. Renaissance Technologies LLC now owns 706,323 shares of the company's stock worth $1,370,000 after buying an additional 642,812 shares in the last quarter. Finally, MMCAP International Inc. SPC grew its position in New Found Gold by 561.6% in the fourth quarter. MMCAP International Inc. SPC now owns 745,835 shares of the company's stock worth $2,212,000 after buying an additional 633,110 shares during the last quarter. Institutional investors own 3.43% of the company's stock.

About New Found Gold

New Found Gold Corp. is a mineral exploration company focused on the discovery and development of gold deposits in Newfoundland, Canada. The company does not currently produce or sell gold; its activities center on geological research, drilling, resource evaluation and other exploration work.

New Found Gold's principal asset is the Queensway Project, a large exploration property near Gander in central Newfoundland. The project is located close to major transportation infrastructure, including the Trans-Canada Highway, and is being explored for high-grade gold mineralization.

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