New Found Gold (NYSE:NFGC) Price Target Cut to $5.00 by Analysts at Roth Mkm

New Found Gold (NYSE:NFGC) had its price objective reduced by Roth Mkm from $9.00 to $5.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Roth Mkm’s price objective would suggest a potential upside of 203.95% from the company’s current price.

New Found Gold Trading Down 5.5 %

Shares of NYSE NFGC traded down $0.10 during trading on Monday, reaching $1.65. 347,243 shares of the company traded hands, compared to its average volume of 528,315. The stock has a market cap of $329.75 million, a P/E ratio of -7.48 and a beta of 0.93. New Found Gold has a 12-month low of $1.51 and a 12-month high of $4.15. The firm’s fifty day simple moving average is $1.78 and its 200 day simple moving average is $2.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NFGC. Millennium Management LLC increased its stake in New Found Gold by 668.2% during the fourth quarter. Millennium Management LLC now owns 728,567 shares of the company’s stock worth $1,323,000 after acquiring an additional 633,722 shares during the last quarter. Marshall Wace LLP raised its position in New Found Gold by 29.4% in the fourth quarter. Marshall Wace LLP now owns 693,533 shares of the company’s stock valued at $1,262,000 after purchasing an additional 157,749 shares during the period. Renaissance Technologies LLC boosted its position in New Found Gold by 29.1% in the 4th quarter. Renaissance Technologies LLC now owns 667,053 shares of the company’s stock valued at $1,214,000 after buying an additional 150,253 shares during the period. Bank of America Corp DE boosted its holdings in New Found Gold by 25.9% in the fourth quarter. Bank of America Corp DE now owns 636,712 shares of the company’s stock valued at $1,159,000 after purchasing an additional 130,995 shares during the period. Finally, Total Wealth Planning & Management Inc. purchased a new stake in New Found Gold in the fourth quarter valued at $200,000. 3.43% of the stock is currently owned by institutional investors and hedge funds.

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; and the Kingsway project located in Gander, Newfoundland.