New Found Gold (NYSE:NFGC) Shares Gap Up to $2.53

New Found Gold Corp. (NYSE:NFGC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.53, but opened at $2.59. New Found Gold shares last traded at $2.62, with a volume of 172,711 shares.

New Found Gold Price Performance

The firm has a market cap of $493.84 million, a PE ratio of -8.47 and a beta of 1.11. The stock’s fifty day moving average price is $2.66 and its 200-day moving average price is $3.16.

New Found Gold (NYSE:NFGC) last released its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter. On average, sell-side analysts anticipate that New Found Gold Corp. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Found Gold

A number of hedge funds have recently modified their holdings of the company. Marshall Wace LLP purchased a new stake in shares of New Found Gold in the second quarter valued at about $703,000. 1832 Asset Management L.P. purchased a new stake in shares of New Found Gold in the second quarter valued at about $71,000. Renaissance Technologies LLC purchased a new stake in shares of New Found Gold in the second quarter valued at about $637,000. Rathbones Group PLC purchased a new stake in shares of New Found Gold in the second quarter valued at about $145,000. Finally, LGT Fund Management Co Ltd. purchased a new stake in shares of New Found Gold in the second quarter valued at about $113,000. Hedge funds and other institutional investors own 3.43% of the company’s stock.

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.