New Found Gold (CVE:NFG) Trading Down 3.4% – What’s Next?

New Found Gold Corp. (CVE:NFG)’s share price dropped 3.4% during mid-day trading on Wednesday . The company traded as low as C$2.28 and last traded at C$2.30. Approximately 632,410 shares were traded during trading, a decline of 19% from the average daily volume of 776,800 shares. The stock had previously closed at C$2.38.

New Found Gold Trading Down 3.4%

The company’s fifty day simple moving average is C$2.71 and its 200 day simple moving average is C$3.37. The firm has a market capitalization of C$883.39 million, a P/E ratio of -9.58 and a beta of 2.30.

Insider Activity

In related news, Director Chad Williams purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was bought at an average cost of C$2.69 per share, with a total value of C$134,500.00. Following the completion of the purchase, the director directly owned 250,675 shares in the company, valued at approximately C$674,315.75. This represents a 24.92% increase in their ownership of the stock. Insiders have bought a total of 119,000 shares of company stock worth $305,062 in the last 90 days. 44.06% of the stock is owned by insiders.

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. The company was formerly known as Palisade Resources Corp. and changed its name to New Found Gold Corp.