Novagold Resources (NYSEAMERICAN:NG) Shares Down 5% - Should You Sell?

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price fell 5% on Friday . The stock traded as low as $4.13 and last traded at $4.14. 1,329,512 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 3,665,549 shares. The stock had previously closed at $4.36.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NG shares. National Bank Financial upgraded Novagold Resources to a "hold" rating in a report on Friday, March 21st. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th.

Novagold Resources Stock Down 4.9%

The business has a 50-day simple moving average of $3.87 and a 200-day simple moving average of $3.47. The stock has a market cap of $1.69 billion, a P/E ratio of -31.88 and a beta of 0.63.

Hedge Funds Weigh In On Novagold Resources

Several large investors have recently bought and sold shares of the stock. Sterling Capital Management LLC lifted its holdings in shares of Novagold Resources by 814.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company's stock worth $26,000 after acquiring an additional 6,959 shares during the period. Cary Street Partners Financial LLC bought a new position in Novagold Resources during the first quarter worth about $29,000. Squarepoint Ops LLC acquired a new stake in Novagold Resources during the fourth quarter valued at approximately $35,000. Dauntless Investment Group LLC bought a new stake in shares of Novagold Resources in the 1st quarter valued at approximately $39,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Novagold Resources in the 1st quarter worth approximately $44,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.