New Found Gold (NYSE:NFGC) Stock Breaks Above 50-Day Moving Average – Here’s Why

New Found Gold Corp. (NYSE:NFGC) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $1.71 and traded as high as $1.76. New Found Gold shares last traded at $1.75, with a volume of 1,665,393 shares traded.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of New Found Gold from a “strong sell” rating to a “hold” rating in a report on Friday, July 3rd. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

New Found Gold Stock Performance

The business’s 50 day simple moving average is $1.71 and its 200-day simple moving average is $2.01. The company has a market cap of $675.12 million, a price-to-earnings ratio of -7.95 and a beta of 1.46.

Institutional Trading of New Found Gold

Several hedge funds and other institutional investors have recently modified their holdings of NFGC. Oppenheimer & Co. Inc. boosted its position in New Found Gold by 147.8% during the third quarter. Oppenheimer & Co. Inc. now owns 72,600 shares of the company’s stock valued at $119,000 after purchasing an additional 43,300 shares during the last quarter. Total Wealth Planning & Management Inc. grew its stake in New Found Gold by 12.1% in the third quarter. Total Wealth Planning & Management Inc. now owns 186,600 shares of the company’s stock valued at $306,000 after purchasing an additional 20,100 shares in the last quarter. Groupe la Francaise grew its stake in New Found Gold by 7.2% in the second quarter. Groupe la Francaise now owns 2,500,000 shares of the company’s stock valued at $3,862,000 after purchasing an additional 168,100 shares in the last quarter. Van ECK Associates Corp increased its position in New Found Gold by 6.9% in the 2nd quarter. Van ECK Associates Corp now owns 8,142,889 shares of the company’s stock worth $12,561,000 after purchasing an additional 527,903 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in New Found Gold in the 2nd quarter worth about $3,769,000. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

New Found Gold Company Profile

New Found Gold Corp. is a Canadian mineral exploration company focused on the discovery and development of gold deposits. The company’s principal asset is the Queensway Project, a large, wholly owned exploration property in Newfoundland, Canada.

The Queensway Project is located near the Trans-Canada Highway and the town of Gander, providing access to established transportation and service infrastructure. New Found Gold conducts drilling, geological evaluation, and related exploration activities to identify and assess gold mineralization across the property.

The company is an exploration-stage business and does not currently operate producing mines or sell finished products.