New Found Gold (NYSE:NFGC) Trading 6.4% Higher

New Found Gold Corp. (NYSE:NFGC)’s stock price shot up 6.4% during trading on Monday . The stock traded as high as $3.48 and last traded at $3.48. 167,681 shares were traded during trading, a decline of 47% from the average session volume of 314,982 shares. The stock had previously closed at $3.27.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reissued a “buy” rating and issued a $9.00 target price on shares of New Found Gold in a research report on Tuesday, April 23rd.

New Found Gold Price Performance

The stock has a fifty day moving average of $3.29 and a 200 day moving average of $3.39. The stock has a market cap of $671.29 million, a price-to-earnings ratio of -11.60 and a beta of 1.12.

New Found Gold (NYSE:NFGC) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. As a group, equities analysts expect that New Found Gold Corp. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Found Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd acquired a new position in shares of New Found Gold in the 4th quarter valued at $38,000. 1832 Asset Management L.P. acquired a new position in shares of New Found Gold in the fourth quarter worth about $88,000. Cetera Advisors LLC purchased a new position in New Found Gold during the first quarter worth approximately $93,000. HM Payson & Co. lifted its position in shares of New Found Gold by 213.3% during the 1st quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after buying an additional 32,000 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in New Found Gold during the first quarter valued at $186,000. 3.43% of the stock is owned by institutional investors and hedge funds.

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.