New Found Gold (NYSE:NFGC) Given New $5.00 Price Target at Roth Mkm

New Found Gold (NYSE:NFGC) had its target price trimmed by Roth Mkm from $9.00 to $5.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

New Found Gold Stock Performance

Shares of NFGC stock opened at $1.75 on Monday. The firm’s 50 day moving average price is $1.78 and its 200-day moving average price is $2.05. New Found Gold has a one year low of $1.51 and a one year high of $4.15. The firm has a market cap of $350.80 million, a P/E ratio of -7.95 and a beta of 0.93.

Hedge Funds Weigh In On New Found Gold

Several large investors have recently made changes to their positions in NFGC. National Bank of Canada FI increased its stake in New Found Gold by 26.8% during the 3rd quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock worth $66,000 after buying an additional 5,476 shares during the period. Bank of Montreal Can increased its stake in New Found Gold by 7.6% during the 4th quarter. Bank of Montreal Can now owns 85,430 shares of the company’s stock worth $154,000 after buying an additional 5,998 shares during the period. Raymond James Financial Inc. purchased a new stake in New Found Gold during the 4th quarter worth approximately $34,000. Toronto Dominion Bank increased its stake in New Found Gold by 10,700.5% during the 3rd quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock worth $54,000 after buying an additional 21,294 shares during the period. Finally, Integrated Advisors Network LLC increased its stake in New Found Gold by 37.0% during the 4th quarter. Integrated Advisors Network LLC now owns 83,290 shares of the company’s stock worth $152,000 after buying an additional 22,500 shares during the period. 3.43% of the stock is currently owned by institutional investors and hedge funds.

New Found Gold Company Profile

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; and the Kingsway project located in Gander, Newfoundland.