New Found Gold (CVE:NFG) Stock Price Down 29.3% – Here’s Why

New Found Gold Corp. (CVE:NFG) shares traded down 29.3% during trading on Tuesday . The company traded as low as C$1.55 and last traded at C$1.59. 6,227,355 shares traded hands during mid-day trading, an increase of 1,074% from the average session volume of 530,354 shares. The stock had previously closed at C$2.25.

New Found Gold Stock Performance

The company’s fifty day simple moving average is C$2.48 and its two-hundred day simple moving average is C$2.78. The stock has a market capitalization of C$333.68 million, a P/E ratio of -5.79 and a beta of 0.56.

Insider Buying and Selling

In related news, Director Keith Boyle bought 25,000 shares of the business’s stock in a transaction dated Thursday, March 27th. The stock was purchased at an average cost of C$1.52 per share, for a total transaction of C$37,875.00. 44.06% of the stock is currently owned by company insiders.

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.