New Found Gold Corp. (CVE:NFG – Get Free Report) shares dropped 29.3% during mid-day trading on Wednesday . The stock traded as low as C$1.55 and last traded at C$1.59. Approximately 6,227,355 shares changed hands during mid-day trading, an increase of 1,074% from the average daily volume of 530,354 shares. The stock had previously closed at C$2.25.
New Found Gold Trading Up 11.6 %
The firm’s 50-day moving average price is C$2.46 and its 200 day moving average price is C$2.77. The company has a market cap of C$333.68 million, a price-to-earnings ratio of -5.79 and a beta of 0.56.
Insiders Place Their Bets
In other New Found Gold news, Director Keith Boyle acquired 25,000 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were purchased at an average cost of C$1.52 per share, with a total value of C$37,875.00. Corporate insiders own 44.06% 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.
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