U.S. GoldMining Inc. (NASDAQ:USGO) Sees Large Decrease in Short Interest

Key Points

• Short interest in U.S. GoldMining Inc. decreased by 24.7% in August, with 87,000 shares sold short compared to 115,500 shares previously.
• Analysts have a favorable outlook on the stock, with one upgrade from sell to hold and a buy rating alongside a target price of $26.50 from HC Wainwright.
• Hedge funds increased their stakes in U.S. GoldMining significantly, with notable increases by firms such as Universal Beteiligungs and OMERS ADMINISTRATION Corp during the first quarter.

U.S. GoldMining Inc. (NASDAQ:USGO - Get Free Report) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 87,000 shares, a decline of 24.7% from the August 15th total of 115,500 shares. Based on an average daily trading volume, of 48,400 shares, the short-interest ratio is currently 1.8 days. Currently, 4.5% of the shares of the company are sold short. Currently, 4.5% of the shares of the company are sold short. Based on an average daily trading volume, of 48,400 shares, the short-interest ratio is currently 1.8 days.

Institutional Investors Weigh In On U.S. GoldMining

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its holdings in U.S. GoldMining by 124.4% during the 4th quarter. Northern Trust Corp now owns 27,080 shares of the company's stock worth $233,000 after acquiring an additional 15,011 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of U.S. GoldMining in the 4th quarter worth approximately $116,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of U.S. GoldMining in the 4th quarter worth approximately $112,000. Geode Capital Management LLC lifted its position in shares of U.S. GoldMining by 61.0% during the 2nd quarter. Geode Capital Management LLC now owns 52,480 shares of the company's stock valued at $430,000 after acquiring an additional 19,875 shares during the period. Finally, New York State Common Retirement Fund acquired a new position in shares of U.S. GoldMining during the 2nd quarter valued at $93,000. 0.49% of the stock is owned by institutional investors.

U.S. GoldMining Stock Down 0.2%

NASDAQ USGO traded down $0.02 during trading hours on Friday, hitting $9.21. The company's stock had a trading volume of 34,380 shares, compared to its average volume of 80,671. U.S. GoldMining has a twelve month low of $5.65 and a twelve month high of $14.46. The stock has a fifty day moving average of $8.55 and a 200 day moving average of $9.16. The firm has a market capitalization of $116.78 million, a P/E ratio of -13.95 and a beta of 1.97.

U.S. GoldMining (NASDAQ:USGO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 13th. The company reported ($0.07) earnings per share (EPS) for the quarter. On average, analysts predict that U.S. GoldMining will post -0.69 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on USGO shares. Wall Street Zen upgraded shares of U.S. GoldMining from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. HC Wainwright reiterated a "buy" rating and issued a $26.50 target price on shares of U.S. GoldMining in a research report on Tuesday, August 26th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $26.50.

U.S. GoldMining Company Profile

U.S. GoldMining Inc, an exploration stage company, engages in the exploration and development of mineral properties in the United States. The company's primary asset is the 100%-owned Whistler exploration property, a gold-copper exploration project comprising mining claims totaling 53,700 acres located in Yentna Mining District, Alaska.