New Found Gold Corp. (NYSE:NFGC – Get Free Report)’s share price dropped 7.1% during trading on Thursday. The stock traded as low as $1.4850 and last traded at $1.5050. 387,382 shares changed hands during trading, a decline of 77% from the average session volume of 1,654,283 shares. The stock had previously closed at $1.62.
New Found Gold Trading Down 6.5%
The company’s 50-day simple moving average is $1.67 and its 200 day simple moving average is $1.93. The stock has a market cap of $584.69 million, a P/E ratio of -6.88 and a beta of 1.36.
Institutional Trading of New Found Gold
A number of hedge funds have recently bought and sold shares of NFGC. State Street Corp purchased a new position in shares of New Found Gold in the 3rd quarter worth about $346,000. Heartland Advisors Inc. increased its holdings in New Found Gold by 22.6% during the third quarter. Heartland Advisors Inc. now owns 1,047,500 shares of the company’s stock worth $1,718,000 after buying an additional 193,300 shares during the last quarter. StoneX Group Inc. raised its position in New Found Gold by 196.7% in the third quarter. StoneX Group Inc. now owns 43,840 shares of the company’s stock worth $72,000 after acquiring an additional 29,062 shares during the period. Alps Advisors Inc. raised its position in New Found Gold by 4.4% in the third quarter. Alps Advisors Inc. now owns 425,658 shares of the company’s stock worth $698,000 after acquiring an additional 18,064 shares during the period. Finally, Compass Financial Management LLC bought a new stake in New Found Gold in the third quarter worth about $2,051,000. 3.43% of the stock is currently owned by institutional investors.
About New Found Gold
New Found Gold Corp. is a Canadian mineral exploration company focused on discovering and evaluating gold deposits. The company’s principal asset is its Queensway project in Newfoundland and Labrador, near the town of Gander. At Queensway, New Found Gold conducts exploration activities including drilling, geological mapping and sampling to investigate gold-bearing zones and assess their potential. The company is focused on advancing the project through exploration and resource evaluation rather than operating a producing mine.
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