New Found Gold (NYSE:NFGC) Trading Up 6.6% – Still a Buy?

Shares of New Found Gold Corp. (NYSE:NFGC) shot up 6.6% on Wednesday . The company traded as high as $1.84 and last traded at $1.8550. Approximately 141,415 shares were traded during trading, a decline of 92% from the average daily volume of 1,813,757 shares. The stock had previously closed at $1.74.

Wall Street Analysts Forecast Growth

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

New Found Gold Trading Up 2.2%

The stock’s 50-day moving average is $1.60 and its 200-day moving average is $1.91. The stock has a market cap of $728.94 million, a P/E ratio of -8.59 and a beta of 1.44.

Hedge Funds Weigh In On New Found Gold

Several hedge funds have recently modified their holdings of NFGC. Cibc World Market Inc. grew its stake in shares of New Found Gold by 31.0% in the 4th quarter. Cibc World Market Inc. now owns 32,710 shares of the company’s stock worth $97,000 after purchasing an additional 7,750 shares during the last quarter. Hsbc Holdings PLC boosted its stake in New Found Gold by 65.3% in the 1st quarter. Hsbc Holdings PLC now owns 21,267 shares of the company’s stock worth $41,000 after purchasing an additional 8,400 shares during the period. Cladis Investment Advisory LLC acquired a new position in New Found Gold in the 4th quarter worth approximately $30,000. SG Americas Securities LLC purchased a new position in shares of New Found Gold during the first quarter valued at $28,000. Finally, National Bank of Canada FI grew its stake in New Found Gold by 18.9% during the 3rd quarter. National Bank of Canada FI now owns 91,791 shares of the company’s stock valued at $218,000 after acquiring an additional 14,566 shares in the last quarter. 3.43% of the stock is currently owned by institutional investors and hedge funds.

New Found Gold Company 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.