New Found Gold (NYSE:NFGC) Stock Price Up 4.4% – Still a Buy?

New Found Gold Corp. (NYSE:NFGC) shot up 4.4% on Thursday . The stock traded as high as $2.63 and last traded at $2.61. 267,039 shares were traded during mid-day trading, a decline of 32% from the average session volume of 392,995 shares. The stock had previously closed at $2.50.

New Found Gold Trading Up 4.4 %

The business has a fifty day moving average of $2.63 and a 200-day moving average of $3.07. The firm has a market cap of $503.48 million, a PE ratio of -8.80 and a beta of 1.11.

New Found Gold (NYSE:NFGC) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter. On average, equities analysts forecast that New Found Gold Corp. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On New Found Gold

Institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its stake in New Found Gold by 9.5% during the second quarter. Van ECK Associates Corp now owns 5,337,448 shares of the company’s stock worth $15,061,000 after purchasing an additional 462,191 shares during the last quarter. Marshall Wace LLP bought a new position in shares of New Found Gold during the 2nd quarter valued at $703,000. Renaissance Technologies LLC purchased a new stake in New Found Gold during the second quarter valued at about $637,000. Rathbones Group PLC bought a new position in shares of New Found Gold during the second quarter valued at about $145,000. Finally, Virtu Financial LLC purchased a new position in shares of New Found Gold in the first quarter worth about $186,000. Institutional investors own 3.43% of the company’s stock.

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.