MMCAP International Inc. SPC Purchases 633,110 Shares of New Found Gold Corp. $NFGC

MMCAP International Inc. SPC grew its position in shares of New Found Gold Corp. (NYSE:NFGC) by 561.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 745,835 shares of the company’s stock after buying an additional 633,110 shares during the quarter. MMCAP International Inc. SPC’s holdings in New Found Gold were worth $2,212,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of NFGC. Bank of America Corp DE lifted its position in shares of 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 in the last quarter. Hollencrest Capital Management bought a new position in shares of New Found Gold during the 3rd quarter worth approximately $225,000. Waterloo Capital L.P. bought a new position in shares of New Found Gold during the 3rd quarter worth approximately $47,000. Heartland Advisors Inc. bought a new position in shares of New Found Gold during the 3rd quarter worth approximately $611,000. Finally, Fiscal Wisdom Wealth Management LLC bought a new position in shares of New Found Gold during the 3rd quarter worth approximately $95,000. Institutional investors own 3.43% of the company’s stock.

New Found Gold Trading Up 2.6%

NYSE:NFGC opened at $1.94 on Wednesday. The stock has a market capitalization of $664.12 million, a PE ratio of -8.82 and a beta of 1.35. The firm’s 50 day moving average is $2.01 and its 200 day moving average is $2.49. New Found Gold Corp. has a 12 month low of $1.25 and a 12 month high of $3.59.

Wall Street Analysts Forecast Growth

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

New Found Gold 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.