New Found Gold (NYSE:NFGC) Receives “Buy” Rating from Roth Mkm

New Found Gold (NYSE:NFGC)‘s stock had its “buy” rating reissued by research analysts at Roth Mkm in a research note issued on Tuesday, Benzinga reports. They presently have a $9.00 target price on the stock. Roth Mkm’s target price would indicate a potential upside of 145.23% from the stock’s previous close.

New Found Gold Stock Performance

Shares of NFGC traded up $0.06 during mid-day trading on Tuesday, reaching $3.67. The company had a trading volume of 116,781 shares, compared to its average volume of 296,492. The company’s 50 day simple moving average is $3.51 and its 200 day simple moving average is $3.57. New Found Gold has a 1-year low of $3.02 and a 1-year high of $5.27. The company has a market capitalization of $697.08 million, a price-to-earnings ratio of -11.15 and a beta of 1.22.

New Found Gold (NYSE:NFGC) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). As a group, equities analysts forecast that New Found Gold will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NFGC. HM Payson & Co. raised its holdings in New Found Gold by 144.3% in the 3rd quarter. HM Payson & Co. now owns 7,000 shares of the company’s stock valued at $29,000 after buying an additional 4,135 shares during the last quarter. Quadrature Capital Ltd bought a new position in New Found Gold during the 4th quarter worth approximately $38,000. Sprott Inc. bought a new position in New Found Gold during the 3rd quarter worth approximately $52,000. National Bank of Canada FI raised its holdings in New Found Gold by 370.4% during the 3rd quarter. National Bank of Canada FI now owns 19,050 shares of the company’s stock worth $74,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in New Found Gold by 20.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company’s stock worth $81,000 after purchasing an additional 3,276 shares during the last quarter. 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.