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

New Found Gold Corp. (CVE:NFG - Get Free Report) fell 29.3% during trading on Tuesday . The stock 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.Get New Found Gold alerts:New Found Gold Price PerformanceThe business's 50-day simple moving average is C$2.50 and its two-hundred day simple moving average is C$2.79. The stock has a market capitalization of C$323.51 million, a price-to-earnings ratio of -5.61 and a beta of 0.56. About New Found Gold (Get Free Report)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.Read MoreFive stocks we like better than New Found GoldConsumer Discretionary Stocks ExplainedInnovation Incubators: Survey of Entrepreneurs Reveals The Cities Most Supportive of StartupsDividend Capture Strategy: What You Need to KnowNVIDIA Insiders Sell: This Is What It Means for the Market Growth Stocks: What They Are, What They Are NotSpace Stocks Bottoming: Which Are Positioned Best for a Bounce?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in New Found Gold Right Now?Before you consider New Found Gold, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and New Found Gold wasn't on the list.While New Found Gold currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here