New Found Gold (NYSE:NFGC) Trading Up 3.3% – Time to Buy?

Shares of New Found Gold Corp. (NYSE:NFGC) shot up 3.3% during trading on Friday . The company traded as high as $3.27 and last traded at $3.2450. 1,224,449 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 1,191,681 shares. The stock had previously closed at $3.14.

New Found Gold Stock Up 3.0%

The stock has a market cap of $786.52 million, a P/E ratio of -14.70 and a beta of 1.34. The company’s 50 day moving average price is $2.40 and its two-hundred day moving average price is $2.01.

Hedge Funds Weigh In On New Found Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in NFGC. Merk Investments LLC bought a new stake in shares of New Found Gold in the third quarter valued at about $5,589,000. Bank of America Corp DE grew its holdings in New Found Gold by 19.4% during the 3rd quarter. Bank of America Corp DE now owns 2,496,473 shares of the company’s stock worth $5,917,000 after acquiring an additional 405,118 shares in the last quarter. Two Sigma Investments LP increased its position in New Found Gold by 260.4% during the 3rd quarter. Two Sigma Investments LP now owns 449,432 shares of the company’s stock valued at $1,065,000 after purchasing an additional 324,723 shares during the period. Sprott Inc. raised its holdings in shares of New Found Gold by 8.2% in the 3rd quarter. Sprott Inc. now owns 4,016,894 shares of the company’s stock valued at $9,542,000 after purchasing an additional 305,772 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of New Found Gold by 6.2% in the 3rd quarter. Van ECK Associates Corp now owns 5,217,669 shares of the company’s stock worth $12,407,000 after purchasing an additional 305,212 shares during the period. 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.