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

New Found Gold Corp. (CVE:NFG - Get Free Report) shares 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 Stock Up 2.7 %

The stock has a market cap of C$342.84 million, a P/E ratio of -5.95 and a beta of 0.56. The firm has a 50 day moving average price of C$2.45 and a 200 day moving average price of C$2.76.

Insiders Place Their Bets

In other news, Director Keith Boyle bought 25,000 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The stock was bought 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.

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.