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

U.S. GoldMining Inc. (NASDAQ:USGO) was down 2.7% during mid-day trading on Friday. The stock traded as low as $6.50 and last traded at $6.52. 93,368 shares were traded during mid-day trading, an increase of 4% from the average session volume of 89,404 shares. The stock had previously closed at $6.70.

Wall Street Analysts Forecast Growth

USGO has been the subject of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of U.S. GoldMining in a research report on Friday, September 25th. Wall Street Zen lowered U.S. GoldMining from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, HC Wainwright restated a “buy” rating and issued a $30.75 target price on shares of U.S. GoldMining in a report on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, U.S. GoldMining currently has a consensus rating of “Hold” and an average price target of $30.75.

U.S. GoldMining Trading Down 2.7%

The stock has a market capitalization of $91.54 million, a PE ratio of -7.49 and a beta of 1.97. The company’s 50 day simple moving average is $8.16 and its 200 day simple moving average is $9.66.

U.S. GoldMining (NASDAQ:USGO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.36) earnings per share for the quarter. As a group, analysts predict that U.S. GoldMining Inc. will post -0.67 EPS for the current year.

Institutional Trading of U.S. GoldMining

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of U.S. GoldMining during the 2nd quarter worth about $1,431,000. GSA Capital Partners LLP acquired a new position in shares of U.S. GoldMining in the 2nd quarter valued at $264,000. International Assets Investment Management LLC purchased a new stake in shares of U.S. GoldMining during the 1st quarter valued at $161,000. Finally, Themes Management Co LLC purchased a new position in shares of U.S. GoldMining in the 1st quarter worth $139,000. 0.49% of the stock is owned by institutional investors and hedge funds.

About U.S. GoldMining

U.S. GoldMining Inc is a mineral exploration and development company focused on advancing the Whistler Gold-Copper Project in Alaska. The company is not a producer and does not currently offer commercial mining products; its activities center on exploration, technical studies, resource evaluation and project development.

The Whistler project is located in southwestern Alaska, approximately 170 kilometers northwest of Anchorage. It comprises a large land package that includes the Whistler, Raintree and Island Mountain mineralized deposits.