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

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Weiss Ratings cut U.S. GoldMining from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 30th. Wall Street Zen lowered shares of U.S. GoldMining from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.75 target price on shares of U.S. GoldMining in a research report on Thursday, June 25th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $30.75.

U.S. GoldMining Stock Performance

The stock has a market cap of $117.92 million, a PE ratio of -10.15 and a beta of 1.86. The stock’s 50-day moving average is $8.11 and its two-hundred day moving average is $10.74.

U.S. GoldMining (NASDAQ:USGO) last posted its earnings results on Wednesday, August 12th. The company reported ($0.36) earnings per share for the quarter. Analysts forecast that U.S. GoldMining Inc. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On U.S. GoldMining

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of U.S. GoldMining in the 2nd quarter valued at $1,431,000. Renaissance Technologies LLC boosted its holdings in U.S. GoldMining by 148.6% during the 4th quarter. Renaissance Technologies LLC now owns 73,100 shares of the company’s stock valued at $645,000 after acquiring an additional 43,700 shares during the period. GSA Capital Partners LLP acquired a new position in U.S. GoldMining in the 2nd quarter valued at about $264,000. Los Angeles Capital Management LLC acquired a new position in U.S. GoldMining in the 4th quarter valued at about $181,000. Finally, Geode Capital Management LLC increased its stake in U.S. GoldMining by 61.0% during the second quarter. Geode Capital Management LLC now owns 52,480 shares of the company’s stock worth $430,000 after purchasing an additional 19,875 shares during the period. 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.