Nova Minerals (ASX:NVA) Momentum Rank : 7 (As of Jun. 05, 2024)

View and export this data going back to 1987. Start your Free Trial

What is Nova Minerals Momentum Rank?

Nova Minerals has the Momentum Rank of 7.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

Competitive Comparison of Nova Minerals's Momentum Rank

For the Other Industrial Metals & Mining subindustry, Nova Minerals's Momentum Rank, along with its competitors' market caps and Momentum Rank data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Nova Minerals's Momentum Rank Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Nova Minerals's Momentum Rank distribution charts can be found below:

* The bar in red indicates where Nova Minerals's Momentum Rank falls into.

Nova Minerals Momentum Rank Related Terms

Thank you for viewing the detailed overview of Nova Minerals's Momentum Rank provided by GuruFocus.com. Please click on the following links to see related term pages.

Nova Minerals (ASX:NVA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Nova Minerals Ltd (ASX:NVA) » Definitions » Momentum Rank

Comparable Companies

Traded in Other Exchanges

NVAAF:USA QM3:Germany

Address

242 Hawthorn Road, Suite 5, Caulfield, VIC, AUS, 3161

Website

https://www.novaminerals.com.au

Nova Minerals Ltd is a minerals explorer and developer focused on gold and lithium projects in North America. It has a diversified portfolio of projects across the US, Canada, and Australia. Its key projects include Nova's 6.2Moz Estelle Gold Project on Korbel Main and RPM in Alaska, which holds some of North America's largest gold deposits, and the company's majority-owned Snow Lakes Resources, a proposed zero carbon lithium spodumene project in Canada ideally located on rail access to the US Auto Alley. Nova aims to provide shareholders with diversification through exposure to base and precious metals and to capitalize on the growing demand for lithium-based energy storage.

Nova Minerals (ASX:NVA) Headlines

No Headlines