New Found Gold (NYSE:NFGC) Stock Price Down 7.3% – Here’s What Happened

Shares of New Found Gold Corp. (NYSE:NFGC) traded down 7.3% on Monday . The company traded as low as $3.03 and last traded at $3.0050. 355,555 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,190,134 shares. The stock had previously closed at $3.24.

New Found Gold Stock Up 4.7%

The business has a fifty day moving average of $2.45 and a 200 day moving average of $2.05. The company has a market cap of $751.26 million, a P/E ratio of -14.05 and a beta of 1.34.

Institutional Investors Weigh In On New Found Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. R Squared Ltd boosted its stake in shares of New Found Gold by 66.6% during the 3rd quarter. R Squared Ltd now owns 18,072 shares of the company’s stock valued at $43,000 after purchasing an additional 7,222 shares in the last quarter. Midwest Trust Co purchased a new stake in New Found Gold in the second quarter worth about $28,000. Waterloo Capital L.P. bought a new stake in New Found Gold during the 3rd quarter valued at approximately $47,000. Fiscal Wisdom Wealth Management LLC purchased a new position in shares of New Found Gold during the 3rd quarter worth approximately $95,000. Finally, Quadrature Capital Ltd bought a new position in shares of New Found Gold in the 2nd quarter worth approximately $82,000. 3.43% of the stock is owned by hedge funds and other institutional investors.

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.