U.S. GoldMining Inc. (NASDAQ:USGO) Sees Significant Increase in Short Interest

Key Points

• U.S. GoldMining Inc. (NASDAQ:USGO) experienced a staggering 984.2% increase in short interest in July, raising the total to 123,600 shares.
• Recent institutional trading saw significant position changes, with Northern Trust Corp increasing its holdings by 124.4% to now own 27,080 shares.
• Wall Street Zen downgraded U.S. GoldMining from a "hold" rating to a "sell" rating on May 22nd, reflecting negative sentiment in the market.

U.S. GoldMining Inc. (NASDAQ:USGO - Get Free Report) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 123,600 shares, agrowthof984.2% from the June 30th total of 11,400 shares. Currently,8.5% of the shares of the company are short sold. Based on an average trading volume of 28,700 shares, the days-to-cover ratio is presently 4.3 days. Based on an average trading volume of 28,700 shares, the days-to-cover ratio is presently 4.3 days. Currently,8.5% of the shares of the company are short sold.

Institutional Investors Weigh In On U.S. GoldMining

Several hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in U.S. GoldMining by 38.5% during the 4th quarter. Geode Capital Management LLC now owns 31,196 shares of the company's stock valued at $269,000 after purchasing an additional 8,667 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of U.S. GoldMining in the fourth quarter worth $91,000. Northern Trust Corp increased its stake in shares of U.S. GoldMining by 124.4% in the fourth 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 period. 683 Capital Management LLC acquired a new stake in shares of U.S. GoldMining in the fourth quarter worth $267,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of U.S. GoldMining in the fourth quarter worth $116,000. Hedge funds and other institutional investors own 0.49% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of U.S. GoldMining from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

U.S. GoldMining Trading Down 0.6%

Shares of USGO traded down $0.05 during trading hours on Wednesday, reaching $7.95. 22,224 shares of the stock traded hands, compared to its average volume of 38,950. The company has a market cap of $99.45 million, a P/E ratio of -11.20 and a beta of 1.96. The company's 50-day moving average price is $8.89 and its two-hundred day moving average price is $9.58. U.S. GoldMining has a 52-week low of $5.00 and a 52-week high of $14.46.

U.S. GoldMining (NASDAQ:USGO - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.10) earnings per share for the quarter. On average, research analysts forecast that U.S. GoldMining will post -0.69 EPS for the current year.

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.