New Found Gold (NYSE:NFGC) Shares Down 4.9% – Should You Sell?

New Found Gold Corp. (NYSE:NFGC)’s stock price traded down 4.9% during trading on Wednesday. The company traded as low as $1.67 and last traded at $1.6650. Approximately 415,112 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,657,397 shares. The stock had previously closed at $1.75.

Wall Street Analysts Forecast Growth

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

New Found Gold Price Performance

The firm has a market cap of $650.04 million, a PE ratio of -7.66 and a beta of 1.46. The business’s 50 day moving average price is $1.71 and its 200 day moving average price is $2.01.

Institutional Investors Weigh In On New Found Gold

Several hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its position in shares of New Found Gold by 147.8% during the third quarter. Oppenheimer & Co. Inc. now owns 72,600 shares of the company’s stock valued at $119,000 after buying an additional 43,300 shares during the last quarter. Total Wealth Planning & Management Inc. raised its holdings in shares of New Found Gold by 12.1% during the 3rd quarter. Total Wealth Planning & Management Inc. now owns 186,600 shares of the company’s stock valued at $306,000 after buying an additional 20,100 shares in the last quarter. Groupe la Francaise lifted its position in New Found Gold by 7.2% in the 2nd quarter. Groupe la Francaise now owns 2,500,000 shares of the company’s stock worth $3,862,000 after buying an additional 168,100 shares during the last quarter. Van ECK Associates Corp lifted its position in New Found Gold by 6.9% in the 2nd quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company’s stock worth $12,561,000 after buying an additional 527,903 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in New Found Gold in the 2nd quarter worth approximately $3,769,000. 3.43% of the stock is owned by institutional investors and hedge funds.

New Found Gold Company Profile

New Found Gold Corp. is a Canadian mineral exploration company focused on the discovery and development of gold deposits. The company’s principal asset is the Queensway Project, a large, wholly owned exploration property in Newfoundland, Canada.

The Queensway Project is located near the Trans-Canada Highway and the town of Gander, providing access to established transportation and service infrastructure. New Found Gold conducts drilling, geological evaluation, and related exploration activities to identify and assess gold mineralization across the property.

The company is an exploration-stage business and does not currently operate producing mines or sell finished products.