U.S. GoldMining (NASDAQ:USGO) Trading Down 3.1% – Here’s Why

U.S. GoldMining Inc. (NASDAQ:USGO)’s stock price fell 3.1% during trading on Thursday . The company traded as low as $8.52 and last traded at $8.54. 37,031 shares were traded during mid-day trading, a decline of 43% from the average session volume of 64,540 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

USGO has been the subject of several research analyst reports. Wall Street Zen lowered U.S. GoldMining from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. HC Wainwright reiterated a “buy” rating and issued a $30.75 target price on shares of U.S. GoldMining in a research report on Thursday, June 25th. Finally, Weiss Ratings lowered U.S. GoldMining from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $30.75.

U.S. GoldMining Trading Down 3.1%

The business’s 50-day moving average is $8.11 and its two-hundred day moving average is $10.76. The firm has a market cap of $114.01 million, a P/E ratio of -9.82 and a beta of 1.86.

U.S. GoldMining (NASDAQ:USGO) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.36) earnings per share for the quarter. On average, analysts anticipate that U.S. GoldMining Inc. will post -0.49 earnings per share for the current year.

Institutional Trading of U.S. GoldMining

Several hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP acquired a new position in U.S. GoldMining during the 4th quarter valued at approximately $147,000. State Street Corp increased its position in U.S. GoldMining by 19.3% in the fourth quarter. State Street Corp now owns 17,422 shares of the company’s stock worth $154,000 after buying an additional 2,822 shares during the period. Los Angeles Capital Management LLC acquired a new stake in U.S. GoldMining in the fourth quarter worth $181,000. Goldman Sachs Group Inc. acquired a new position in shares of U.S. GoldMining during the fourth quarter valued at $131,000. Finally, Citadel Advisors LLC bought a new position in shares of U.S. GoldMining during the third quarter worth about $200,000. Institutional investors own 0.49% of the company’s stock.

About U.S. GoldMining

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.