New Found Gold (NYSE:NFGC) Stock Price Down 5.3% – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC) dropped 5.3% during mid-day trading on Wednesday . The stock traded as low as $1.61 and last traded at $1.61. Approximately 1,799,041 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 1,979,068 shares. The stock had previously closed at $1.70.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded shares of New Found Gold from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, New Found Gold presently has an average rating of “Sell”.

New Found Gold Trading Down 5.3%

The company has a market cap of $618.44 million, a P/E ratio of -7.32 and a beta of 1.35. The company’s 50-day moving average price is $1.97 and its two-hundred day moving average price is $2.45.

Institutional Trading of New Found Gold

A number of institutional investors and hedge funds have recently modified their holdings of NFGC. SG Americas Securities LLC acquired a new stake in New Found Gold during the first quarter worth about $28,000. Cladis Investment Advisory LLC bought a new position in New Found Gold during the 4th quarter worth $30,000. Hsbc Holdings PLC bought a new stake in New Found Gold in the fourth quarter valued at $39,000. R Squared Ltd grew its position in shares of New Found Gold by 66.6% during the third quarter. R Squared Ltd now owns 18,072 shares of the company’s stock worth $43,000 after acquiring an additional 7,222 shares during the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of New Found Gold in the 4th quarter worth about $48,000. 3.43% of the stock is owned by institutional investors and hedge funds.

About New Found Gold

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.