New Found Gold (NYSE:NFGC) Shares Down 4.9% – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC) shares traded down 4.9% during trading on Wednesday. The stock traded as low as $1.67 and last traded at $1.6650. 415,112 shares were traded during trading, a decline of 75% from the average session volume of 1,657,397 shares. The stock had previously closed at $1.75.

Analyst Ratings Changes

Separately, Zacks Research upgraded 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

New Found Gold Stock Performance

The firm has a market capitalization of $651.97 million, a price-to-earnings ratio of -7.68 and a beta of 1.46. The company has a 50-day moving average price of $1.71 and a 200-day moving average price of $1.99.

Institutional Trading of New Found Gold

Large investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. raised its stake in New Found Gold by 147.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 72,600 shares of the company’s stock valued at $119,000 after acquiring an additional 43,300 shares during the last quarter. Total Wealth Planning & Management Inc. increased its holdings in shares of New Found Gold by 12.1% in the third quarter. Total Wealth Planning & Management Inc. now owns 186,600 shares of the company’s stock valued at $306,000 after purchasing an additional 20,100 shares during the period. Groupe la Francaise increased its holdings in shares of New Found Gold by 7.2% in the second quarter. Groupe la Francaise now owns 2,500,000 shares of the company’s stock valued at $3,862,000 after purchasing an additional 168,100 shares during the period. Van ECK Associates Corp raised its stake in shares of New Found Gold by 6.9% during the second 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 last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of New Found Gold during the second quarter worth $3,769,000. 3.43% of the stock is owned by institutional investors and hedge funds.

About New Found Gold

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

The Queensway Project is located near the Trans-Canada Highway and the town of Gander, providing access to established transportation and service infrastructure. New Found Gold conducts drilling, geological evaluation, and related exploration activities to identify and assess gold mineralization across the property.

The company is an exploration-stage business and does not currently operate producing mines or sell finished products.