U.S. GoldMining (NASDAQ:USGO) Shares Down 1.6% - Here's Why

Key Points

• U.S. GoldMining shares fell 1.6% during Wednesday trading, with the stock moving between $7.75 and $7.93 on lighter-than-average volume.
• Recent analyst action was mixed, with Weiss Ratings and Wall Street Zen both downgrading the stock, while HC Wainwright reaffirmed a buy rating and a $30.75 price target. Overall, the stock currently carries a consensus rating of Hold.
• The company continues to post losses, reporting -$0.14 EPS in its latest quarter, and analysts expect -$0.49 EPS for the current fiscal year. U.S. GoldMining is a gold exploration company focused on projects in Utah, Brazil, and Wyoming.

U.S. GoldMining Inc. (NASDAQ:USGO - Get Free Report)'s stock price traded down 1.6% during mid-day trading on Wednesday . The stock traded as low as $7.75 and last traded at $7.93. 59,060 shares traded hands during trading, a decline of 5% from the average daily volume of 62,212 shares. The stock had previously closed at $8.06.

Analyst Ratings Changes

USGO has been the topic of a number of recent analyst reports. Weiss Ratings downgraded U.S. GoldMining from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 30th. Wall Street Zen cut U.S. GoldMining from a "hold" rating to a "sell" rating in a research note on Sunday, May 3rd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $30.75 price target on shares of U.S. GoldMining in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $30.75.

U.S. GoldMining Stock Performance

The stock's 50-day simple moving average is $8.98 and its 200 day simple moving average is $11.11. The company has a market cap of $105.87 million, a PE ratio of -13.67 and a beta of 1.84.

U.S. GoldMining (NASDAQ:USGO - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.14) earnings per share for the quarter. On average, sell-side analysts predict that U.S. GoldMining Inc. will post -0.49 EPS for the current fiscal year.

Hedge Funds Weigh In On U.S. GoldMining

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in shares of U.S. GoldMining by 61.0% in the 2nd quarter. Geode Capital Management LLC now owns 52,480 shares of the company's stock valued at $430,000 after purchasing an additional 19,875 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in shares of U.S. GoldMining in the second quarter valued at about $93,000. Bank of America Corp DE boosted its holdings in 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 in the last quarter. Citadel Advisors LLC purchased a new stake in U.S. GoldMining during the third quarter worth about $200,000. Finally, FNY Investment Advisers LLC purchased a new stake in U.S. GoldMining during the fourth quarter worth about $133,000. 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.

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