New Found Gold (NYSE:NFGC) Stock Rating Reaffirmed by Roth Mkm

New Found Gold (NYSE:NFGC)‘s stock had its “buy” rating restated by Roth Mkm in a research report issued on Tuesday, Benzinga reports. They presently have a $9.00 price objective on the stock. Roth Mkm’s price objective indicates a potential upside of 145.90% from the company’s previous close.

New Found Gold Price Performance

NYSE NFGC opened at $3.66 on Tuesday. The business’s fifty day moving average price is $3.53 and its 200-day moving average price is $3.57. The stock has a market capitalization of $695.18 million, a price-to-earnings ratio of -11.09 and a beta of 1.22. New Found Gold has a 1-year low of $3.02 and a 1-year high of $5.27.

New Found Gold (NYSE:NFGC) last announced its earnings results on Thursday, March 21st. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Equities research analysts anticipate that New Found Gold will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NFGC. Sprott Inc. bought a new position in New Found Gold in the third quarter worth approximately $52,000. HM Payson & Co. lifted its position in New Found Gold by 144.3% during the third quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock valued at $29,000 after purchasing an additional 4,135 shares during the period. National Bank of Canada FI lifted its position in New Found Gold by 370.4% during the third quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock valued at $74,000 after purchasing an additional 15,000 shares during the period. Rathbones Group PLC acquired a new position in New Found Gold during the third quarter valued at $198,000. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of New Found Gold by 20.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock worth $81,000 after acquiring an additional 3,276 shares during the period. 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, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. The company primarily explores for gold deposit. It holds 100% interests in the Queensway project that includes 94 mineral licenses and 6,649 claims covering an area of 166,225 hectares of land located near Gander, Newfoundland; and the Lucky Strike project comprising 11,684 hectares located in Kirkland Lake, Ontario.