New Found Gold (NYSE:NFGC) Stock Price Up 5.5%

Shares of New Found Gold Corp. (NYSE:NFGC) shot up 5.5% during trading on Friday . The company traded as high as $2.90 and last traded at $2.89. 169,846 shares changed hands during trading, a decline of 43% from the average session volume of 299,395 shares. The stock had previously closed at $2.74.

Analysts Set New Price Targets

Separately, Roth Mkm restated 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 Stock Up 5.1 %

The stock has a market capitalization of $553.97 million, a price-to-earnings ratio of -9.63 and a beta of 1.12. The stock has a fifty day moving average of $3.37 and a 200-day moving average of $3.42.

New Found Gold (NYSE:NFGC) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. On average, equities analysts forecast that New Found Gold Corp. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On New Found Gold

Several large investors have recently bought and sold shares of the stock. HM Payson & Co. lifted its holdings in shares of New Found Gold by 213.3% in the 1st quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock valued at $174,000 after purchasing an additional 32,000 shares during the last quarter. Cetera Advisors LLC acquired a new position in New Found Gold during the first quarter worth approximately $93,000. Virtu Financial LLC purchased a new stake in New Found Gold in the first quarter valued at approximately $186,000. Quadrature Capital Ltd boosted its holdings 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 during the period. Finally, Van ECK Associates Corp grew its position in shares of New Found Gold by 1.4% during the first quarter. Van ECK Associates Corp now owns 4,875,257 shares of the company’s stock worth $17,967,000 after acquiring an additional 69,342 shares during the last quarter. Institutional investors and hedge funds own 3.43% of the company’s stock.

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.