Wall Street Zen Downgrades Nova Minerals (NASDAQ:NVA) to Sell

Nova Minerals (NASDAQ:NVA) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nova Minerals in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

Nova Minerals Price Performance

NASDAQ NVA opened at $5.60 on Friday. The company has a fifty day simple moving average of $7.49 and a 200 day simple moving average of $7.39. Nova Minerals has a 12-month low of $1.68 and a 12-month high of $16.28.

Hedge Funds Weigh In On Nova Minerals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers bought a new position in Nova Minerals during the third quarter valued at about $63,000. LPL Financial LLC bought a new stake in Nova Minerals in the fourth quarter worth about $68,000. Bank of Montreal Can purchased a new position in Nova Minerals in the fourth quarter valued at about $76,000. Millennium Management LLC purchased a new position in Nova Minerals in the fourth quarter valued at about $100,000. Finally, Engineers Gate Manager LP bought a new position in shares of Nova Minerals during the 4th quarter valued at approximately $163,000.

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.