Nova Minerals Ltd (NASDAQ:NVA) Short Interest Up 20.2% in January

Nova Minerals Ltd (NASDAQ:NVA) was the recipient of a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 1,315,739 shares, a growth of 20.2% from the January 15th total of 1,094,787 shares. Approximately 3.5% of the shares of the stock are sold short. Based on an average trading volume of 1,188,340 shares, the days-to-cover ratio is presently 1.1 days. Based on an average trading volume of 1,188,340 shares, the days-to-cover ratio is presently 1.1 days. Approximately 3.5% of the shares of the stock are sold short.

Hedge Funds Weigh In On Nova Minerals

Several large investors have recently modified their holdings of NVA. Soviero Asset Management LP acquired a new position in shares of Nova Minerals during the fourth quarter worth $1,770,000. Heights Capital Management Inc. bought a new position in Nova Minerals during the 4th quarter worth $1,562,000. Brooklands Fund Management Ltd acquired a new position in Nova Minerals during the 4th quarter worth about $697,000. Trifecta Capital Advisors LLC bought a new stake in shares of Nova Minerals in the 4th quarter valued at about $429,000. Finally, AMH Equity Ltd bought a new stake in shares of Nova Minerals in the 3rd quarter valued at about $984,000.

Nova Minerals Stock Performance

Shares of Nova Minerals stock traded down $0.51 on Tuesday, hitting $6.55. The stock had a trading volume of 895,503 shares, compared to its average volume of 999,806. The stock has a 50 day moving average of $8.09 and a 200 day moving average of $6.55. Nova Minerals has a twelve month low of $1.68 and a twelve month high of $16.28.

Wall Street Analysts Forecast Growth

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

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.