New Found Gold (NYSE:NFGC) Trading 9.5% Higher

New Found Gold Corp. (NYSE:NFGC) shares were up 9.5% on Tuesday . The stock traded as high as $2.77 and last traded at $2.77. Approximately 457,350 shares changed hands during trading, an increase of 18% from the average daily volume of 388,960 shares. The stock had previously closed at $2.53.

New Found Gold Price Performance

The company has a market capitalization of $534.35 million, a P/E ratio of -9.07 and a beta of 1.11. The company has a 50 day moving average of $2.70 and a 200-day moving average of $3.19.

New Found Gold (NYSE:NFGC) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter. Research analysts predict that New Found Gold Corp. will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd bought a new position in New Found Gold in the 4th quarter valued at approximately $38,000. 1832 Asset Management L.P. bought a new position in shares of New Found Gold during the second quarter valued at $71,000. Cetera Advisors LLC purchased a new stake in shares of New Found Gold during the first quarter valued at $93,000. LGT Fund Management Co Ltd. bought a new stake in New Found Gold in the 2nd quarter worth about $113,000. Finally, HM Payson & Co. raised its position in New Found Gold by 213.3% in the 1st quarter. HM Payson & Co. now owns 47,000 shares of the company’s stock worth $174,000 after buying an additional 32,000 shares during the last quarter. Hedge funds and other 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.