New Found Gold (NYSE:NFGC) Stock Price Up 9.5%

Shares of New Found Gold Corp. (NYSE:NFGC) were up 9.5% on Tuesday . The company traded as high as $2.77 and last traded at $2.77. Approximately 457,350 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 388,960 shares. The stock had previously closed at $2.53.

New Found Gold Price Performance

The firm has a 50-day simple moving average of $2.70 and a 200-day simple moving average of $3.19. The firm has a market capitalization of $534.35 million, a PE ratio of -9.07 and a beta of 1.11.

New Found Gold (NYSE:NFGC) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter. Equities analysts expect that New Found Gold Corp. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On New Found Gold

Several institutional investors and hedge funds have recently bought and sold shares of NFGC. Quadrature Capital Ltd lifted its stake in shares of New Found Gold by 72.9% during the 1st quarter. Quadrature Capital Ltd now owns 18,553 shares of the company’s stock valued at $68,000 after buying an additional 7,821 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in New Found Gold during the second quarter valued at about $71,000. Cetera Advisors LLC bought a new stake in New Found Gold during the first quarter valued at about $93,000. 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. Finally, LGT Fund Management Co Ltd. bought a new position in shares of New Found Gold in the second quarter worth about $113,000. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

New Found Gold Company Profile

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.