Short Interest in Nova Minerals Ltd (NASDAQ:NVA) Rises By 41.4%

Nova Minerals Ltd (NASDAQ:NVA) was the recipient of a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 1,860,700 shares, a growth of 41.4% from the January 29th total of 1,315,739 shares. Approximately 4.9% of the company’s shares are short sold. Based on an average daily trading volume, of 747,843 shares, the days-to-cover ratio is presently 2.5 days. Based on an average daily trading volume, of 747,843 shares, the days-to-cover ratio is presently 2.5 days. Approximately 4.9% of the company’s shares are short sold.

Nova Minerals Stock Performance

Shares of NVA opened at $7.69 on Monday. The stock has a 50-day moving average of $7.91 and a 200-day moving average of $6.81. Nova Minerals has a one year low of $1.68 and a one year high of $16.28.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Nova Minerals

Institutional investors have recently modified their holdings of the company. AMH Equity Ltd purchased a new position in shares of Nova Minerals in the 3rd quarter worth about $984,000. Rhumbline Advisers bought a new stake in Nova Minerals in the third quarter worth about $63,000. Citadel Advisors LLC purchased a new position in Nova Minerals in the third quarter valued at about $285,000. Trifecta Capital Advisors LLC bought a new position in shares of Nova Minerals during the 4th quarter valued at approximately $429,000. Finally, LPL Financial LLC purchased a new stake in shares of Nova Minerals during the 4th quarter worth approximately $68,000.

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.