Roth Mkm Cuts New Found Gold (NYSE:NFGC) Price Target to $5.00

New Found Gold (NYSE:NFGC) had its target price dropped by Roth Mkm from $9.00 to $5.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price objective indicates a potential upside of 203.95% from the stock’s current price.

New Found Gold Price Performance

New Found Gold stock traded down $0.10 during mid-day trading on Monday, reaching $1.65. 347,243 shares of the stock traded hands, compared to its average volume of 528,315. The business’s 50-day moving average is $1.78 and its 200-day moving average is $2.07. The stock has a market capitalization of $329.75 million, a PE ratio of -7.48 and a beta of 0.93. New Found Gold has a 12-month low of $1.51 and a 12-month high of $4.15.

Institutional Investors Weigh In On New Found Gold

Institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in New Found Gold in the 4th quarter valued at about $34,000. Toronto Dominion Bank grew 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 worth $54,000 after purchasing an additional 21,294 shares in the last quarter. National Bank of Canada FI increased its holdings in New Found Gold by 26.8% during the 3rd quarter. National Bank of Canada FI now owns 25,926 shares of the company’s stock worth $66,000 after purchasing an additional 5,476 shares during the period. Quadrature Capital Ltd bought a new stake in New Found Gold during the 3rd quarter valued at $79,000. Finally, Atom Investors LP bought a new position in shares of New Found Gold during the 3rd quarter worth $87,000. Institutional investors own 3.43% of the company’s stock.

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.