Retail Traders Rally Behind US Gold Corp As Russell Index Entry, Wyoming Project Fuel Momentum

Shares of U.S. Gold Corp. (USAU) rose 3.2% to close at $14.11 on Friday, extending gains for a third straight session, amidst high retail chatter.  

The stock gained over 11% over the past three sessions.

Last week, the gold exploration and development company announced its addition to the broad-market Russell 3000 Index (RUA) and the small-cap Russell 2000 Index (RUT) from June 30.

H.C. Wainwright raised USAU's price target to $15 from $14 while retaining its 'Buy' rating. The firm cited ongoing progress at the CK Gold project, an advanced-stage gold and copper development in Wyoming.

US Gold released the results of an updated prefeasibility study for the project in February. The study outlined an estimated total production of 1,112,000 gold equivalent (AuEq) ounces over the life of the mine and reported a base case net present value (NPV) of $459 million.

Retail sentiment on Stocktwits was 'extremely bullish' going into Monday's trading session, accompanied by 'extremely high' message volumes.

Over the past week, message volume about USAU has surged by over 530% on Stocktwits, while its following has jumped by more than 20%, indicating a high degree of retail trader interest.

One user believes the weekend gold price has set a solid floor for Monday's open.

Another user noted the company's robust relative strength.

Some users also spoke about the possibility of the stock opening at $15.

The stock has risen over 130% year-to-date till Friday's close, compared to a 26.1% increase in gold prices (XAU/USD) during the same period.

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