U.S. GoldMining (NASDAQ:USGO) Shares Down 1.6% - What's Next?

Key Points

• U.S. GoldMining shares fell by 1.6% on Thursday, closing at $7.75 after trading activity dropped significantly.
• Wall Street Zen downgraded U.S. GoldMining's stock rating from "hold" to "sell" in a report published on May 22nd.
• Institutional investors have recently increased their stakes in U.S. GoldMining, with Northern Trust Corp boosting its position by 124.4% in the fourth quarter.

Shares of U.S. GoldMining Inc. (NASDAQ:USGO - Get Free Report) dropped 1.6% during mid-day trading on Thursday . The stock traded as low as $7.75 and last traded at $7.75. Approximately 17,789 shares traded hands during trading, a decline of 39% from the average daily volume of 29,080 shares. The stock had previously closed at $7.88.

Wall Street Analyst Weigh In

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

U.S. GoldMining Trading Down 2.5%

The stock has a market capitalization of $100.78 million, a price-to-earnings ratio of -11.47 and a beta of 1.96. The firm has a 50-day moving average of $8.92 and a 200 day moving average of $9.60.

U.S. GoldMining (NASDAQ:USGO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.10) EPS for the quarter. Equities research analysts predict that U.S. GoldMining Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Northern Trust Corp increased its position in shares of U.S. GoldMining by 124.4% during the 4th quarter. Northern Trust Corp now owns 27,080 shares of the company's stock valued at $233,000 after purchasing an additional 15,011 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in U.S. GoldMining during the fourth quarter worth about $112,000. Renaissance Technologies LLC acquired a new position in U.S. GoldMining during the fourth quarter worth about $91,000. Geode Capital Management LLC grew its holdings in U.S. GoldMining by 38.5% during the fourth quarter. Geode Capital Management LLC now owns 31,196 shares of the company's stock worth $269,000 after acquiring an additional 8,667 shares during the period. Finally, 683 Capital Management LLC acquired a new position in shares of U.S. GoldMining in the 4th quarter worth approximately $267,000. Institutional investors and hedge funds own 0.49% of the company's stock.

About U.S. GoldMining

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.