New Found Gold (NYSE:NFGC) Stock Price Down 5.6% - Time to Sell?

Key Points

• New Found Gold shares fell 5.6% to $1.925 during Wednesday’s trading, while volume was 76% below the average session level.
• Zacks Research upgraded the stock from “strong sell” to “hold,” matching the broader analyst consensus of a Hold rating.
• Several institutional investors increased or initiated positions in the company during the second quarter, though institutions collectively own only 3.43% of outstanding shares.

New Found Gold Corp. (NYSE:NFGC - Get Free Report)'s share price was down 5.6% on Wednesday . The company traded as low as $1.9303 and last traded at $1.9250. Approximately 440,725 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,831,660 shares. The stock had previously closed at $2.04.

Wall Street Analyst Weigh In

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

New Found Gold Price Performance

The stock has a market capitalization of $745.35 million, a P/E ratio of -8.80 and a beta of 1.40. The company's 50-day simple moving average is $1.56 and its 200-day simple moving average is $1.96.

Hedge Funds Weigh In On New Found Gold

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Groupe la Francaise raised its stake in New Found Gold by 7.2% in the second quarter. Groupe la Francaise now owns 2,500,000 shares of the company's stock valued at $3,862,000 after buying an additional 168,100 shares during the period. Van ECK Associates Corp boosted its stake in shares of New Found Gold by 6.9% during the 2nd quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company's stock worth $12,561,000 after acquiring an additional 527,903 shares during the period. Bank of America Corp DE acquired a new position in shares of New Found Gold during the 2nd quarter worth approximately $3,769,000. Hsbc Holdings PLC bought a new stake in New Found Gold in the 2nd quarter valued at $32,000. Finally, Osterweis Capital Management Inc. bought a new stake in New Found Gold in the 2nd quarter valued at $48,000. 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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