Nova Minerals (NASDAQ:NVA) Trading Down 2.8% – Here’s What Happened

Shares of Nova Minerals Ltd (NASDAQ:NVA) were down 2.8% during mid-day trading on Wednesday . The stock traded as low as $6.82 and last traded at $6.82. Approximately 2,133 shares were traded during trading, a decline of 100% from the average daily volume of 515,400 shares. The stock had previously closed at $7.02.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NVA shares. Wall Street Zen cut Nova Minerals from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nova Minerals in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Nova Minerals Stock Performance

The firm has a 50 day simple moving average of $6.20 and a 200-day simple moving average of $7.23.

Institutional Investors Weigh In On Nova Minerals

A number of institutional investors have recently modified their holdings of NVA. Rhumbline Advisers acquired a new stake in shares of Nova Minerals in the third quarter valued at $63,000. LPL Financial LLC acquired a new stake in shares of Nova Minerals in the fourth quarter valued at $68,000. Bank of Montreal Can acquired a new stake in shares of Nova Minerals in the fourth quarter valued at $76,000. SG Americas Securities LLC acquired a new stake in shares of Nova Minerals in the first quarter valued at $98,000. Finally, Millennium Management LLC acquired a new stake in shares of Nova Minerals in the fourth quarter valued at $100,000.

About Nova Minerals

Nova Minerals is a mineral exploration and development company organized to identify, acquire and advance high-quality gold and battery metals projects. The company’s flagship asset is the Estelle Gold Project in Alaska’s prolific Tintina Gold Province, where it has conducted extensive drilling programs to delineate large, near-surface oxide gold deposits. Nova Minerals applies modern exploration techniques and geophysical surveys to expand its resource base and target additional high-grade zones across its landholding.

Since listing on the Nasdaq under the ticker NVA, the company has focused on advancing its Alaska portfolio through systematic drilling, metallurgical test work and early-stage economic studies.