New Found Gold (NYSE:NFGC) Trading Down 8.7% – Should You Sell?

New Found Gold Corp. (NYSE:NFGC)’s stock price traded down 8.7% during mid-day trading on Thursday . The stock traded as low as $2.09 and last traded at $2.0630. 928,797 shares changed hands during trading, a decline of 16% from the average session volume of 1,108,721 shares. The stock had previously closed at $2.26.

New Found Gold Stock Performance

The firm’s 50-day moving average is $2.20 and its 200 day moving average is $1.77. The firm has a market capitalization of $516.64 million, a PE ratio of -9.66 and a beta of 1.35.

Institutional Investors Weigh In On New Found Gold

Several hedge funds have recently modified their holdings of the company. Susquehanna International Group LLP grew its holdings in New Found Gold by 173.0% in the third quarter. Susquehanna International Group LLP now owns 175,549 shares of the company’s stock valued at $416,000 after purchasing an additional 111,249 shares during the period. Merk Investments LLC acquired a new stake in New Found Gold during the third quarter worth about $5,589,000. National Bank of Canada FI lifted its stake in shares of New Found Gold by 18.9% in the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after purchasing an additional 14,566 shares in the last quarter. Millennium Management LLC increased its position in New Found Gold by 912.5% during the 3rd quarter. Millennium Management LLC now owns 258,858 shares of the company’s stock worth $613,000 after purchasing an additional 233,292 shares in the last quarter. Finally, Centiva Capital LP purchased a new stake in New Found Gold during the third quarter worth approximately $223,000. 3.43% of the stock is 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.