New Found Gold (NYSE:NFGC) Shares Down 5.3%

New Found Gold Corp. (NYSE:NFGC) dropped 5.3% on Tuesday . The company traded as low as $2.81 and last traded at $2.84. Approximately 408,420 shares traded hands during trading, an increase of 36% from the average daily volume of 300,840 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Separately, Roth Mkm reiterated a “buy” rating and issued a $9.00 price target on shares of New Found Gold in a research note on Tuesday, April 23rd.

New Found Gold Trading Up 3.5 %

The firm has a fifty day moving average of $3.49 and a 200 day moving average of $3.45.

New Found Gold (NYSE:NFGC) last posted its earnings results on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. Analysts predict that New Found Gold Corp. will post -0.3 EPS for the current year.

Institutional Trading of New Found Gold

Several institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd lifted its position in shares of New Found Gold by 72.9% in the first quarter. Quadrature Capital Ltd now owns 18,553 shares of the company’s stock valued at $68,000 after acquiring an additional 7,821 shares in the last quarter. Sprott Inc. purchased a new position in shares of New Found Gold in the third quarter valued at approximately $52,000. 1832 Asset Management L.P. purchased a new position in shares of New Found Gold in the fourth quarter valued at approximately $88,000. Cetera Advisors LLC purchased a new position in shares of New Found Gold in the first quarter valued at approximately $93,000. Finally, HM Payson & Co. lifted its position in shares of New Found Gold by 213.3% in the first quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after acquiring an additional 32,000 shares in the last quarter. 3.43% of the stock is owned by institutional investors and hedge funds.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland.