New Found Gold Corp. $NFGC Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp increased its holdings in shares of New Found Gold Corp. (NYSE:NFGC) by 6.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,142,889 shares of the company’s stock after acquiring an additional 527,903 shares during the period. Van ECK Associates Corp’s holdings in New Found Gold were worth $12,561,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in New Found Gold in the 1st quarter valued at approximately $28,000. Cladis Investment Advisory LLC purchased a new stake in New Found Gold during the fourth quarter worth $30,000. Hsbc Holdings PLC purchased a new stake in New Found Gold during the second quarter worth $32,000. Oppenheimer & Co. Inc. acquired a new stake in New Found Gold in the fourth quarter valued at $48,000. Finally, Osterweis Capital Management Inc. purchased a new position in shares of New Found Gold in the second quarter valued at $48,000. Hedge funds and other institutional investors own 3.43% of the company’s stock.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of New Found Gold from a “strong sell” rating to a “hold” rating in a research report on Friday, July 3rd. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold”.

New Found Gold Stock Performance

New Found Gold stock opened at $1.89 on Tuesday. New Found Gold Corp. has a fifty-two week low of $1.34 and a fifty-two week high of $3.59. The company has a market capitalization of $728.94 million, a price-to-earnings ratio of -8.59 and a beta of 1.40. The stock has a fifty day moving average of $1.59 and a two-hundred day moving average of $1.93.

New Found Gold Profile

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.