New Found Gold (NYSE:NFGC) Trading 6.6% Higher – Should You Buy?

New Found Gold Corp. (NYSE:NFGC)’s share price rose 6.6% during trading on Wednesday . The company traded as high as $1.80 and last traded at $1.77. Approximately 568,844 shares changed hands during trading, an increase of 33% from the average daily volume of 428,085 shares. The stock had previously closed at $1.66.

New Found Gold Stock Up 6.6 %

The company has a fifty day moving average price of $2.28 and a two-hundred day moving average price of $2.74.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NFGC. National Bank of Canada FI raised its holdings in shares of 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 purchasing an additional 5,476 shares during the period. Quadrature Capital Ltd increased its position in New Found Gold by 72.9% during the first 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 last quarter. Toronto Dominion Bank raised its stake in New Found Gold by 10,700.5% in the third 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 during the period. HM Payson & Co. lifted its position in shares of New Found Gold by 31.5% in the third quarter. HM Payson & Co. now owns 101,000 shares of the company’s stock valued at $256,000 after buying an additional 24,180 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in shares of New Found Gold in the second quarter valued at approximately $71,000. 3.43% of the stock is currently owned by institutional investors.

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; and the Kingsway project located in Gander, Newfoundland.