New Found Gold (NYSE:NFGC) Reaches New 12-Month Low at $2.77

New Found Gold Corp. (NYSE:NFGC)’s share price hit a new 52-week low during trading on Monday . The stock traded as low as $2.77 and last traded at $2.78, with a volume of 128378 shares changing hands. The stock had previously closed at $2.83.

Wall Street Analyst Weigh In

Separately, Roth Mkm reissued a “buy” rating and set a $9.00 price objective on shares of New Found Gold in a research report on Tuesday, April 23rd.

New Found Gold Price Performance

The firm has a market cap of $527.03 million, a PE ratio of -9.13 and a beta of 1.12. The firm has a 50-day simple moving average of $3.40 and a 200 day simple moving average of $3.42.

New Found Gold (NYSE:NFGC) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. Sell-side analysts forecast that New Found Gold Corp. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Found Gold

Several large investors have recently modified their holdings of NFGC. Sprott Inc. purchased a new position in shares of New Found Gold in the 3rd quarter worth about $52,000. Van ECK Associates Corp raised its position in New Found Gold by 7.8% in the 4th quarter. Van ECK Associates Corp now owns 4,805,915 shares of the company’s stock worth $16,948,000 after buying an additional 348,520 shares during the last quarter. 1832 Asset Management L.P. purchased a new position in New Found Gold in the 4th quarter worth about $88,000. Quadrature Capital Ltd purchased a new position in New Found Gold in the 4th quarter worth about $38,000. Finally, Virtu Financial LLC purchased a new position in New Found Gold in the 1st quarter worth about $186,000. Hedge funds and other institutional investors 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, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland.