1832 Asset Management L.P. Takes Position in New Found Gold Corp. (NYSE:NFGC)

1832 Asset Management L.P. purchased a new position in shares of New Found Gold Corp. (NYSE:NFGC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,000 shares of the company’s stock, valued at approximately $71,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp lifted its holdings in New Found Gold by 9.5% in the 2nd quarter. Van ECK Associates Corp now owns 5,337,448 shares of the company’s stock valued at $15,061,000 after purchasing an additional 462,191 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of New Found Gold in the second quarter worth about $637,000. Rathbones Group PLC acquired a new position in New Found Gold during the second quarter worth about $145,000. Virtu Financial LLC acquired a new stake in New Found Gold in the 1st quarter valued at about $186,000. Finally, LGT Fund Management Co Ltd. purchased a new position in New Found Gold in the 2nd quarter worth approximately $113,000. 3.43% of the stock is owned by hedge funds and other institutional investors.

New Found Gold Price Performance

Shares of New Found Gold stock opened at $2.77 on Friday. New Found Gold Corp. has a 1-year low of $2.27 and a 1-year high of $4.60. The stock has a market cap of $550.79 million, a P/E ratio of -9.23 and a beta of 1.11. The stock’s 50 day simple moving average is $2.68 and its 200-day simple moving average is $3.18.

New Found Gold (NYSE:NFGC) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter. As a group, research analysts expect that New Found Gold Corp. will post -0.3 EPS for the current fiscal year.

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.