U.S. GoldMining (NASDAQ:USGO) Stock Price Down 2.7% – Here’s Why

Shares of U.S. GoldMining Inc. (NASDAQ:USGO) traded down 2.7% during trading on Wednesday . The stock traded as low as $8.01 and last traded at $8.06. 51,609 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 57,221 shares. The stock had previously closed at $8.28.

Analyst Ratings Changes

A number of analysts have weighed in on USGO shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of U.S. GoldMining in a research report on Wednesday, April 8th. HC Wainwright boosted their target price on shares of U.S. GoldMining from $26.50 to $30.75 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Finally, Wall Street Zen lowered shares of U.S. GoldMining from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, U.S. GoldMining presently has an average rating of “Hold” and a consensus price target of $30.75.

U.S. GoldMining Stock Performance

The company’s 50-day moving average is $11.02 and its 200-day moving average is $11.33. The firm has a market cap of $107.60 million, a price-to-earnings ratio of -13.90 and a beta of 1.75.

U.S. GoldMining (NASDAQ:USGO) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.14) earnings per share for the quarter. On average, analysts predict that U.S. GoldMining Inc. will post -0.49 EPS for the current year.

Institutional Trading of U.S. GoldMining

A number of hedge funds and other institutional investors have recently modified their holdings of USGO. Geode Capital Management LLC raised its position in U.S. GoldMining by 61.0% in the 2nd quarter. Geode Capital Management LLC now owns 52,480 shares of the company’s stock worth $430,000 after purchasing an additional 19,875 shares during the last quarter. New York State Common Retirement Fund acquired a new position in U.S. GoldMining during the 2nd quarter worth $93,000. Bank of America Corp DE boosted its position in U.S. GoldMining by 580.1% in the 3rd quarter. Bank of America Corp DE now owns 12,554 shares of the company’s stock valued at $161,000 after buying an additional 10,708 shares during the last quarter. Citadel Advisors LLC bought a new position in U.S. GoldMining in the 3rd quarter valued at $200,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of U.S. GoldMining in the 4th quarter valued at $133,000. Institutional investors and hedge funds own 0.49% of the company’s stock.

U.S. GoldMining Company Profile

U.S. GoldMining Inc is a mineral exploration and development company focused on the acquisition, exploration and advancement of gold assets in the Americas. The company’s flagship project is West Desert, located in Utah’s Great Basin region, where it has completed detailed technical studies and resource modeling. In addition to West Desert, U.S. GoldMining has recently added the Colossus gold project in Pará State, Brazil, to its portfolio and holds interests in the Copper King deposit in Wyoming.