U.S. GoldMining (NASDAQ:USGO) Trading Down 1.6% – Here’s Why

Shares of U.S. GoldMining Inc. (NASDAQ:USGO) fell 1.6% during trading on Wednesday . The stock traded as low as $7.75 and last traded at $7.93. 59,060 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 62,212 shares. The stock had previously closed at $8.06.

Analysts Set New Price Targets

A number of research firms have recently weighed in on USGO. HC Wainwright reissued a “buy” rating and issued a $30.75 price objective on shares of U.S. GoldMining in a research report on Thursday, June 25th. Wall Street Zen lowered U.S. GoldMining from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Finally, Weiss Ratings lowered shares of U.S. GoldMining from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.75.

U.S. GoldMining Stock Performance

The company has a market capitalization of $105.87 million, a PE ratio of -13.67 and a beta of 1.84. The company has a 50 day moving average price of $8.98 and a 200 day moving average price of $11.11.

U.S. GoldMining (NASDAQ:USGO) last released its earnings results on Wednesday, May 13th. The company reported ($0.14) earnings per share for the quarter. On average, equities analysts forecast that U.S. GoldMining Inc. will post -0.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Themes Management Co LLC bought a new stake in shares of U.S. GoldMining during the 1st quarter valued at about $139,000. International Assets Investment Management LLC bought a new position in U.S. GoldMining in the first quarter worth about $161,000. Russell Investments Group Ltd. lifted its holdings in U.S. GoldMining by 219.8% in the fourth quarter. Russell Investments Group Ltd. now owns 5,722 shares of the company’s stock worth $50,000 after acquiring an additional 3,933 shares during the last quarter. Barclays PLC boosted its stake in U.S. GoldMining by 57.3% in the fourth quarter. Barclays PLC now owns 3,730 shares of the company’s stock valued at $33,000 after acquiring an additional 1,358 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of U.S. GoldMining during the fourth quarter valued at approximately $147,000. 0.49% of the stock is owned by institutional investors and hedge funds.

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.