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

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on USGO. Wall Street Zen lowered shares of U.S. GoldMining from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $30.75 price target on shares of U.S. GoldMining in a research note on Thursday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of U.S. GoldMining in a research report on Wednesday, April 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.75.

U.S. GoldMining Stock Performance

The stock’s 50-day moving average is $10.92 and its two-hundred day moving average is $11.31. The stock has a market cap of $109.50 million, a PE ratio of -14.14 and a beta of 1.75.

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

Hedge Funds Weigh In On U.S. GoldMining

Hedge funds have recently bought and sold shares of the company. State Street Corp raised its position in U.S. GoldMining by 19.3% in the 4th quarter. State Street Corp now owns 17,422 shares of the company’s stock valued at $154,000 after purchasing an additional 2,822 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of U.S. GoldMining in the 4th quarter valued at about $181,000. Goldman Sachs Group Inc. acquired a new position in shares of U.S. GoldMining during the fourth quarter worth about $131,000. Citadel Advisors LLC acquired a new position in shares of U.S. GoldMining during the third quarter worth about $200,000. Finally, Bank of America Corp DE increased its stake in shares of U.S. GoldMining by 580.1% during the third quarter. Bank of America Corp DE now owns 12,554 shares of the company’s stock worth $161,000 after buying an additional 10,708 shares during the period. 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.