Roth Capital Brokers Raise Earnings Estimates for New Found Gold Corp. (NYSE:NFGC)

New Found Gold Corp. (NYSE:NFGC) – Research analysts at Roth Capital boosted their FY2024 earnings estimates for New Found Gold in a note issued to investors on Monday, June 17th. Roth Capital analyst M. Niehuser now forecasts that the company will post earnings of ($0.25) per share for the year, up from their prior estimate of ($0.27). The consensus estimate for New Found Gold’s current full-year earnings is ($0.31) per share. Roth Capital also issued estimates for New Found Gold’s FY2025 earnings at ($0.25) EPS.

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

New Found Gold Stock Performance

Shares of NFGC stock opened at $3.14 on Wednesday. New Found Gold has a fifty-two week low of $3.02 and a fifty-two week high of $5.27. The firm has a market capitalization of $601.85 million, a price-to-earnings ratio of -10.47 and a beta of 1.18. The stock’s 50-day simple moving average is $3.55 and its 200-day simple moving average is $3.47.

New Found Gold (NYSE:NFGC) last announced its earnings results on Thursday, May 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Quadrature Capital Ltd raised its stake 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 worth $68,000 after buying an additional 7,821 shares during the period. Sprott Inc. acquired a new position in New Found Gold in the 3rd quarter valued at $52,000. 1832 Asset Management L.P. acquired a new position in New Found Gold in the 4th quarter valued at $88,000. Cetera Advisors LLC acquired a new position in New Found Gold in the 1st quarter valued at $93,000. Finally, Rathbones Group PLC acquired a new position in New Found Gold in the 3rd quarter valued at $198,000. 3.43% of the stock is 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.