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 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 Price Performance
The stock’s 50-day moving average is C$2.46 and its 200-day moving average is C$2.77. The stock has a market cap of C$333.68 million, a price-to-earnings ratio of -5.79 and a beta of 0.56.
Insider Activity
In related news, Director Keith Boyle acquired 25,000 shares of the business’s stock in a transaction dated Thursday, March 27th. The shares were acquired at an average cost of C$1.52 per share, for a total transaction of C$37,875.00. Company 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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