New Found Gold (CVE:NFG) Shares Down 29.3% - Here's What Happened

New Found Gold Corp. (CVE:NFG - Get Free Report)'s share price dropped 29.3% during trading on Wednesday . The stock traded as low as C$1.55 and last traded at C$1.59. Approximately 6,227,355 shares traded hands during trading, an increase of 1,074% from the average daily volume of 530,354 shares. The stock had previously closed at C$2.25.

New Found Gold Trading Up 2.7 %

The company has a market capitalization of C$342.84 million, a P/E ratio of -5.95 and a beta of 0.56. The firm has a fifty day moving average of C$2.45 and a 200 day moving average of C$2.76.

Insider Activity

In other news, Director Keith Boyle purchased 25,000 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were purchased at an average cost of C$1.52 per share, for a total transaction of C$37,875.00. 44.06% of the stock is owned by corporate insiders.

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.