New Found Gold (CVE:NFG) Stock Price Down 29.3% - What's Next?

Shares of New Found Gold Corp. (CVE:NFG - Get Free Report) dropped 29.3% during trading on Tuesday . The stock traded as low as C$1.55 and last traded at C$1.59. Approximately 6,227,355 shares changed hands during mid-day 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 Price Performance

The stock has a market cap of C$351.99 million, a price-to-earnings ratio of -6.10 and a beta of 0.56. The stock's 50 day simple moving average is C$2.43 and its two-hundred day simple moving average is C$2.74.

Insider Activity

In related news, Director Keith Boyle purchased 25,000 shares of the firm's stock in a transaction that occurred on Thursday, March 27th. The shares were acquired at an average price of C$1.52 per share, with a total value of C$37,875.00. 44.06% of the stock is owned by company 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.