New Found Gold (NYSE:NFGC) Shares Gap Up to $3.87

New Found Gold Corp. (NYSE:NFGC) gapped up before the market opened on Friday . The stock had previously closed at $3.87, but opened at $3.98. New Found Gold shares last traded at $3.96, with a volume of 75,526 shares traded.

Analysts Set New Price Targets

Separately, Roth Mkm raised their price objective on New Found Gold from $8.50 to $9.00 and gave the company a “buy” rating in a research note on Monday, April 8th.

New Found Gold Trading Up 0.3 %

The firm has a market capitalization of $736.96 million, a price-to-earnings ratio of -11.76 and a beta of 1.22. The stock’s 50-day moving average is $3.47 and its 200-day moving average is $3.59.

New Found Gold (NYSE:NFGC) last announced its quarterly earnings results on Thursday, March 21st. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). On average, equities research analysts anticipate that New Found Gold Corp. will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp increased its holdings in New Found Gold by 7.8% in the fourth quarter. Van ECK Associates Corp now owns 4,805,915 shares of the company’s stock valued at $16,948,000 after purchasing an additional 348,520 shares during the period. JPMorgan Chase & Co. increased its stake in shares of New Found Gold by 1,387.4% in the first quarter. JPMorgan Chase & Co. now owns 129,654 shares of the company’s stock valued at $648,000 after buying an additional 120,937 shares during the period. Millennium Management LLC raised its position in shares of New Found Gold by 110.6% during the fourth quarter. Millennium Management LLC now owns 212,968 shares of the company’s stock worth $859,000 after acquiring an additional 111,824 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of New Found Gold in the fourth quarter worth approximately $214,000. Finally, Rathbones Group PLC bought a new stake in New Found Gold in the third quarter valued at approximately $198,000. Institutional investors and hedge funds 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, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.