Nova Minerals Ltd (NASDAQ:NVA) Sees Large Growth in Short Interest

Nova Minerals Ltd (NASDAQ:NVA) saw a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 2,953,391 shares, a growth of 58.7% from the February 12th total of 1,860,700 shares. Based on an average trading volume of 720,592 shares, the days-to-cover ratio is currently 4.1 days. Currently, 7.8% of the company’s shares are sold short. Currently, 7.8% of the company’s shares are sold short. Based on an average trading volume of 720,592 shares, the days-to-cover ratio is currently 4.1 days.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Nova Minerals in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Rhumbline Advisers purchased a new stake in Nova Minerals in the third quarter worth about $63,000. LPL Financial LLC purchased a new stake in shares of Nova Minerals in the 4th quarter worth approximately $68,000. Bank of Montreal Can bought a new position in Nova Minerals during the 4th quarter valued at approximately $76,000. Millennium Management LLC purchased a new position in Nova Minerals during the fourth quarter valued at $100,000. Finally, Engineers Gate Manager LP bought a new stake in Nova Minerals in the fourth quarter worth $163,000.

Nova Minerals Stock Down 3.6%

Shares of NASDAQ:NVA traded down $0.23 during trading on Friday, hitting $6.21. The stock had a trading volume of 583,782 shares, compared to its average volume of 709,901. The firm’s fifty day moving average is $7.97 and its 200 day moving average is $7.08. Nova Minerals has a 12 month low of $1.68 and a 12 month high of $16.28.

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.