Zacks Research Downgrades New Found Gold (NYSE:NFGC) to Strong Sell

New Found Gold (NYSE:NFGC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

New Found Gold Stock Performance

NFGC opened at $1.78 on Thursday. The stock has a market capitalization of $432.77 million, a PE ratio of -8.09 and a beta of 1.30. New Found Gold has a one year low of $0.93 and a one year high of $3.59. The business’s 50 day moving average price is $2.64 and its 200 day moving average price is $2.54.

Hedge Funds Weigh In On New Found Gold

A number of hedge funds have recently modified their holdings of NFGC. R Squared Ltd increased its position in shares of New Found Gold by 66.6% during the 3rd quarter. R Squared Ltd now owns 18,072 shares of the company’s stock worth $43,000 after purchasing an additional 7,222 shares during the last quarter. Cibc World Market Inc. raised its holdings in New Found Gold by 31.0% in the 4th quarter. Cibc World Market Inc. now owns 32,710 shares of the company’s stock valued at $97,000 after buying an additional 7,750 shares during the period. Cladis Investment Advisory LLC acquired a new position in New Found Gold in the fourth quarter valued at about $30,000. Hsbc Holdings PLC purchased a new position in New Found Gold during the fourth quarter worth about $39,000. Finally, National Bank of Canada FI boosted its stake in New Found Gold by 18.9% during the third quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock worth $218,000 after buying an additional 14,566 shares during the period. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

About New Found Gold

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.