New Found Gold FY2024 EPS Forecast Raised by Roth Capital

New Found Gold Corp. (NYSE:NFGC) – Research analysts at Roth Capital boosted their FY2024 EPS estimates for shares of New Found Gold in a research report issued on Tuesday, December 24th. Roth Capital analyst M. Niehuser now expects that the company will earn ($0.19) per share for the year, up from their previous forecast of ($0.23). The consensus estimate for New Found Gold’s current full-year earnings is ($0.28) per share. Roth Capital also issued estimates for New Found Gold’s Q4 2024 earnings at ($0.06) EPS and FY2025 earnings at ($0.23) EPS.

New Found Gold Stock Performance

NYSE:NFGC opened at $1.75 on Friday. The firm has a 50-day simple moving average of $1.91 and a 200-day simple moving average of $2.46. New Found Gold has a one year low of $1.51 and a one year high of $4.15. The firm has a market cap of $348.09 million, a P/E ratio of -7.95 and a beta of 1.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NFGC. Toronto Dominion Bank lifted its position in New Found Gold by 10,700.5% during the third quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock valued at $54,000 after acquiring an additional 21,294 shares during the last quarter. National Bank of Canada FI increased its position in New Found Gold by 26.8% during the 3rd quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock valued at $66,000 after buying an additional 5,476 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in New Found Gold in the second quarter valued at about $71,000. Quadrature Capital Ltd acquired a new stake in New Found Gold in the third quarter worth about $79,000. Finally, Atom Investors LP purchased a new stake in shares of New Found Gold during the third quarter worth about $87,000. 3.43% of the stock is currently owned by hedge funds and other institutional investors.

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.