New Found Gold’s (NFGC) “Buy” Rating Reaffirmed at Roth Mkm

Roth Mkm restated their buy rating on shares of New Found Gold (NYSE:NFGC) in a report issued on Tuesday, Benzinga reports. The brokerage currently has a $9.00 price target on the stock.

New Found Gold Stock Up 0.3 %

Shares of NFGC stock opened at $3.72 on Tuesday. The business’s fifty day moving average is $3.54 and its 200 day moving average is $3.57. New Found Gold has a twelve month low of $3.02 and a twelve month high of $5.27. The stock has a market cap of $708.62 million, a price-to-earnings ratio of -11.27 and a beta of 1.22.

New Found Gold (NYSE:NFGC) last released its earnings results on Thursday, March 21st. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Equities research analysts expect that New Found Gold will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Found Gold

Several hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its holdings in New Found Gold by 7.8% in the fourth quarter. Van ECK Associates Corp now owns 4,805,915 shares of the company’s stock worth $16,948,000 after acquiring an additional 348,520 shares in the last quarter. Rathbones Group PLC bought a new position in shares of New Found Gold during the third quarter valued at $198,000. 1832 Asset Management L.P. bought a new position in shares of New Found Gold during the fourth quarter valued at $88,000. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of New Found Gold by 20.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock valued at $81,000 after purchasing an additional 3,276 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of New Found Gold by 370.4% during the third quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock valued at $74,000 after purchasing an additional 15,000 shares in the last quarter. 3.43% of the stock is owned by institutional investors.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.