New Found Gold (CVE:NFG) Reaches New 1-Year Low – Here’s Why

Shares of New Found Gold Corp. (CVE:NFG) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as C$2.03 and last traded at C$2.04, with a volume of 81846 shares traded. The stock had previously closed at C$2.12.

New Found Gold Stock Down 5.0%

The firm has a market capitalization of C$773.93 million, a price-to-earnings ratio of -8.40 and a beta of 2.35. The business’s fifty day moving average is C$2.50 and its 200 day moving average is C$3.17.

Insider Activity at New Found Gold

In other news, Director Chad Williams acquired 50,000 shares of New Found Gold stock in a transaction dated Wednesday, May 27th. The stock was bought at an average cost of C$2.69 per share, with a total value of C$134,500.00. Following the completion of the transaction, the director directly owned 250,675 shares of the company’s stock, valued at approximately C$674,315.75. This represents a 24.92% increase in their ownership of the stock. 44.06% of the stock is currently owned by company insiders.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland. The company was formerly known as Palisade Resources Corp. and changed its name to New Found Gold Corp.