New Found Gold (NYSE:NFGC) Trading 6.6% Higher – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC) traded up 6.6% during trading on Wednesday . The stock traded as high as $1.80 and last traded at $1.77. 568,844 shares changed hands during mid-day trading, an increase of 33% from the average session volume of 428,085 shares. The stock had previously closed at $1.66.

New Found Gold Stock Performance

The firm has a market cap of $352.07 million, a PE ratio of -8.05 and a beta of 1.12. The stock has a 50-day simple moving average of $2.29 and a two-hundred day simple moving average of $2.74.

Institutional Investors Weigh In On New Found Gold

Large investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its position in New Found Gold by 26.8% in the third quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock worth $66,000 after purchasing an additional 5,476 shares during the last quarter. Quadrature Capital Ltd increased its position in shares of New Found Gold by 72.9% during the 1st quarter. Quadrature Capital Ltd now owns 18,553 shares of the company’s stock valued at $68,000 after purchasing an additional 7,821 shares during the last quarter. Toronto Dominion Bank lifted its stake in shares of New Found Gold by 10,700.5% in the 3rd quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock worth $54,000 after purchasing an additional 21,294 shares during the period. HM Payson & Co. boosted its holdings in shares of New Found Gold by 31.5% in the third quarter. HM Payson & Co. now owns 101,000 shares of the company’s stock worth $256,000 after buying an additional 24,180 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in New Found Gold during the second quarter valued at approximately $71,000. Institutional investors own 3.43% of the company’s stock.

About New Found Gold

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.