New Found Gold (NYSE:NFGC) Sets New 1-Year High – Still a Buy?

New Found Gold Corp. (NYSE:NFGC) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $3.33 and last traded at $3.2850, with a volume of 1406211 shares traded. The stock had previously closed at $3.08.

New Found Gold Stock Down 1.1%

The stock has a 50 day moving average price of $2.84 and a 200 day moving average price of $2.25. The stock has a market capitalization of $836.36 million, a price-to-earnings ratio of -15.64 and a beta of 1.31.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bank of Montreal Can increased its position in New Found Gold by 255.5% during the 2nd quarter. Bank of Montreal Can now owns 289,019 shares of the company’s stock valued at $414,000 after purchasing an additional 207,720 shares during the period. Timelo Investment Management Inc. acquired a new position in shares of New Found Gold in the 2nd quarter worth approximately $254,000. Total Wealth Planning & Management Inc. boosted its stake in shares of New Found Gold by 7.0% in the 2nd quarter. Total Wealth Planning & Management Inc. now owns 134,200 shares of the company’s stock valued at $191,000 after purchasing an additional 8,800 shares during the last quarter. XTX Topco Ltd increased its position in shares of New Found Gold by 1,025.2% during the second quarter. XTX Topco Ltd now owns 230,136 shares of the company’s stock worth $327,000 after buying an additional 209,684 shares during the period. Finally, Merk Investments LLC bought a new position in New Found Gold during the third quarter worth $5,589,000. 3.43% of the stock is owned by institutional investors.

New Found Gold Company Profile

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.