Nova Minerals (NASDAQ:NVA) Stock Price Down 2.8% – Here’s Why

Nova Minerals Ltd (NASDAQ:NVA)’s stock price was down 2.8% on Wednesday . The company traded as low as $6.82 and last traded at $6.82. Approximately 2,133 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 515,400 shares. The stock had previously closed at $7.02.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nova Minerals in a research note on Tuesday, April 21st. Wall Street Zen cut shares of Nova Minerals from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

Nova Minerals Stock Performance

The firm has a fifty day moving average price of $6.15 and a 200 day moving average price of $7.26.

Institutional Trading of Nova Minerals

Several hedge funds have recently modified their holdings of the stock. Soviero Asset Management LP bought a new stake in shares of Nova Minerals during the fourth quarter valued at approximately $1,770,000. Heights Capital Management Inc. bought a new stake in shares of Nova Minerals during the fourth quarter valued at approximately $1,562,000. Brooklands Fund Management Ltd bought a new stake in shares of Nova Minerals during the fourth quarter valued at approximately $697,000. Trifecta Capital Advisors LLC bought a new stake in shares of Nova Minerals during the fourth quarter valued at approximately $429,000. Finally, Virtu Financial LLC bought a new stake in shares of Nova Minerals during the fourth quarter valued at approximately $212,000.

Nova Minerals Company Profile

Nova Minerals is a mineral exploration and development company organized to identify, acquire and advance high-quality gold and battery metals projects. The company’s flagship asset is the Estelle Gold Project in Alaska’s prolific Tintina Gold Province, where it has conducted extensive drilling programs to delineate large, near-surface oxide gold deposits. Nova Minerals applies modern exploration techniques and geophysical surveys to expand its resource base and target additional high-grade zones across its landholding.

Since listing on the Nasdaq under the ticker NVA, the company has focused on advancing its Alaska portfolio through systematic drilling, metallurgical test work and early-stage economic studies.