Nova Minerals Ltd (NASDAQ:NVA) Short Interest Up 58.7% in February

Nova Minerals Ltd (NASDAQ:NVA) was the target of a large growth in short interest during 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. Approximately 7.8% of the company’s stock are short sold. Based on an average daily volume of 720,592 shares, the short-interest ratio is currently 4.1 days. Based on an average daily volume of 720,592 shares, the short-interest ratio is currently 4.1 days. Approximately 7.8% of the company’s stock are short sold.

Institutional Investors Weigh In On Nova Minerals

Institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers bought a new position in shares of Nova Minerals during the 3rd quarter worth approximately $63,000. LPL Financial LLC bought a new position in shares of Nova Minerals in the fourth quarter valued at approximately $68,000. Bank of Montreal Can bought a new position in shares of Nova Minerals in the fourth quarter valued at approximately $76,000. Millennium Management LLC purchased a new stake in shares of Nova Minerals during the fourth quarter valued at approximately $100,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Nova Minerals during the third quarter valued at approximately $285,000.

Wall Street Analysts Forecast Growth

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

Nova Minerals Stock Performance

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 has a fifty day moving average of $7.97 and a two-hundred day moving average of $7.12. Nova Minerals has a 12 month low of $1.68 and a 12 month high of $16.28.

Nova Minerals Company Profile

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.