New Found Gold (CVE:NFG) Shares Down 29.3% – Here’s Why

New Found Gold Corp. (CVE:NFG)’s stock price traded down 29.3% during trading on Wednesday . The company traded as low as C$1.55 and last traded at C$1.59. 6,227,355 shares traded hands during mid-day trading, an increase of 1,074% from the average session volume of 530,354 shares. The stock had previously closed at C$2.25.

New Found Gold Price Performance

The company has a fifty day moving average of C$2.46 and a two-hundred day moving average of C$2.77. The stock has a market capitalization of C$333.68 million, a P/E ratio of -5.79 and a beta of 0.56.

Insider Activity

In other New Found Gold news, Director Keith Boyle purchased 25,000 shares of New Found Gold stock in a transaction dated Thursday, March 27th. The shares were bought at an average cost of C$1.52 per share, for a total transaction of C$37,875.00. Company insiders own 44.06% 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.