Roth Mkm Cuts New Found Gold (NYSE:NFGC) Price Target to $5.00

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

New Found Gold Price Performance

Shares of New Found Gold stock opened at $1.75 on Monday. The firm has a fifty day moving average price of $1.78 and a 200 day moving average price of $2.05. New Found Gold has a 1 year low of $1.51 and a 1 year high of $4.15. The stock has a market cap of $350.80 million, a PE ratio of -7.95 and a beta of 0.93.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Total Wealth Planning & Management Inc. purchased a new stake in shares of New Found Gold during the fourth quarter worth about $200,000. Integrated Advisors Network LLC boosted its position in New Found Gold by 37.0% during the fourth quarter. Integrated Advisors Network LLC now owns 83,290 shares of the company’s stock worth $152,000 after acquiring an additional 22,500 shares during the last quarter. Millennium Management LLC boosted its holdings in New Found Gold by 668.2% in the 4th quarter. Millennium Management LLC now owns 728,567 shares of the company’s stock valued at $1,323,000 after purchasing an additional 633,722 shares during the last quarter. Bank of America Corp DE boosted its holdings in New Found Gold by 25.9% in the 4th quarter. Bank of America Corp DE now owns 636,712 shares of the company’s stock valued at $1,159,000 after purchasing an additional 130,995 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in New Found Gold by 29.4% in the 4th quarter. Marshall Wace LLP now owns 693,533 shares of the company’s stock valued at $1,262,000 after purchasing an additional 157,749 shares during the last quarter. Hedge funds and other institutional investors own 3.43% of the company’s stock.

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; and the Kingsway project located in Gander, Newfoundland.