Nova Minerals (NASDAQ:NVA) Shares Down 10% – What’s Next?

Nova Minerals Ltd (NASDAQ:NVA) shares traded down 10% during trading on Monday . The stock traded as low as $8.21 and last traded at $8.85. 1,614,691 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 2,208,248 shares. The stock had previously closed at $9.83.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NVA. Wall Street Zen raised shares of Nova Minerals from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nova Minerals in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Nova Minerals Stock Performance

The company’s 50 day simple moving average is $6.81.

Institutional Trading of Nova Minerals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. AMH Equity Ltd purchased a new position in Nova Minerals in the third quarter valued at about $984,000. Rhumbline Advisers acquired a new position in shares of Nova Minerals in the 3rd quarter valued at approximately $63,000. Finally, Citadel Advisors LLC purchased a new position in shares of Nova Minerals during the 3rd quarter valued at approximately $285,000.

About Nova Minerals

We are an exploration stage company, and our flagship project is the Estelle Gold Project located in Alaska. We have no operating revenues and do not anticipate generating revenues in the foreseeable future. However, we expect to complete our first gold pour in late 2028, although there is no assurance that we will meet that timeframe and consummation of any such commercial production is subject to the risks described herein.