New Found Gold (NYSE:NFGC) Price Target Cut to $5.00 by Analysts at Roth Mkm

New Found Gold (NYSE:NFGC) had its target price reduced by Roth Mkm from $9.00 to $5.00 in a research report report published on Monday morning,Benzinga reports. Roth Mkm currently has a buy rating on the stock.

New Found Gold Stock Down 5.2 %

Shares of NFGC stock opened at $1.65 on Monday. The company has a 50 day moving average of $1.78 and a 200-day moving average of $2.07. New Found Gold has a 12-month low of $1.51 and a 12-month high of $4.15. The firm has a market cap of $330.76 million, a P/E ratio of -7.50 and a beta of 0.93.

Institutional Investors Weigh In On New Found Gold

Large investors have recently modified their holdings of the stock. Atom Investors LP purchased a new position in New Found Gold in the 3rd quarter valued at approximately $87,000. Quadrature Capital Ltd purchased a new position in New Found Gold in the 3rd quarter valued at approximately $79,000. National Bank of Canada FI grew its stake in New Found Gold by 26.8% in 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. XTX Topco Ltd purchased a new position in New Found Gold in the 3rd quarter valued at approximately $103,000. Finally, Toronto Dominion Bank grew its stake in New Found Gold by 10,700.5% in the 3rd quarter. Toronto Dominion Bank now owns 21,493 shares of the company’s stock valued at $54,000 after buying an additional 21,294 shares in the last quarter. Hedge funds and other institutional investors own 3.43% of the company’s stock.

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; and the Kingsway project located in Gander, Newfoundland.