New Found Gold (CVE:NFG) Stock Price Down 29.3% – Time to Sell?

New Found Gold Corp. (CVE:NFG)’s stock price dropped 29.3% during mid-day trading on Tuesday . The company 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 Stock Performance

The firm has a market cap of C$333.68 million, a price-to-earnings ratio of -5.79 and a beta of 0.56. The stock has a 50-day moving average of C$2.48 and a 200-day moving average of C$2.78.

Insiders Place Their Bets

In other news, Director Keith Boyle bought 25,000 shares of the company’s stock in a transaction dated Thursday, March 27th. The shares were bought at an average cost of C$1.52 per share, with a total value of C$37,875.00. Insiders own 44.06% of the company’s stock.

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.