New Found Gold (NYSE:NFGC) Stock Price Up 8.2% – Time to Buy?

New Found Gold Corp. (NYSE:NFGC) shares shot up 8.2% during mid-day trading on Thursday. The stock traded as high as $1.5150 and last traded at $1.5250. 531,887 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,677,198 shares. The stock had previously closed at $1.41.

Wall Street Analysts Forecast Growth

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

New Found Gold Trading Up 1.9%

The company has a 50 day simple moving average of $1.72 and a two-hundred day simple moving average of $1.76. The firm has a market capitalization of $621.11 million, a P/E ratio of -7.32 and a beta of 1.46.

Hedge Funds Weigh In On New Found Gold

Several institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its holdings in shares of New Found Gold by 1,012.1% in the first quarter. Renaissance Technologies LLC now owns 706,323 shares of the company’s stock valued at $1,370,000 after purchasing an additional 642,812 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of New Found Gold in the 2nd quarter valued at approximately $3,769,000. Groupe la Francaise purchased a new position in shares of New Found Gold in the 1st quarter worth approximately $4,344,000. Heartland Advisors Inc. purchased a new position in shares of New Found Gold in the 2nd quarter worth approximately $1,315,000. Finally, Van ECK Associates Corp boosted its holdings in shares of New Found Gold by 6.9% in the 2nd quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company’s stock worth $12,561,000 after purchasing an additional 527,903 shares during the period. Hedge funds and other institutional investors own 3.43% of the company’s stock.

About New Found Gold

New Found Gold Corp. is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits. The company’s primary asset is the Queensway Project, a wholly owned exploration property in Newfoundland, Canada.

The Queensway Project covers a large land package near Gander and is accessible by major transportation infrastructure, including the Trans-Canada Highway and the Gander International Airport. New Found Gold has conducted extensive exploration at Queensway, including drilling, geological mapping, geophysical surveys and other technical programs designed to identify and define gold mineralization.

New Found Gold is an exploration-stage company and does not currently operate producing mines or sell commercial products.