NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up - Here's What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price gapped up before the market opened on Friday . The stock had previously closed at $4.34, but opened at $4.52. NovaGold Resources shares last traded at $4.39, with a volume of 792,343 shares.

Analysts Set New Price Targets

Several analysts have recently commented on the company. 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 upped their target price for the company from $5.00 to $7.00 in a research report on Wednesday, June 4th.

NovaGold Resources Stock Performance

The stock's 50 day simple moving average is $3.72 and its two-hundred day simple moving average is $3.46. The firm has a market capitalization of $1.48 billion, a PE ratio of -34.08 and a beta of 1.05.

Hedge Funds Weigh In On NovaGold Resources

Several institutional investors have recently modified their holdings of the business. Barclays PLC increased its stake in shares of NovaGold Resources by 4.9% during the fourth quarter. Barclays PLC now owns 962,552 shares of the mining company's stock worth $3,206,000 after acquiring an additional 44,717 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of NovaGold Resources in the fourth quarter valued at approximately $1,952,000. Deutsche Bank AG lifted its stake in shares of NovaGold Resources by 46.0% during the fourth quarter. Deutsche Bank AG now owns 224,614 shares of the mining company's stock valued at $748,000 after buying an additional 70,780 shares during the period. D. E. Shaw & Co. Inc. purchased a new position in shares of NovaGold Resources during the fourth quarter valued at approximately $73,000. Finally, Vanguard Group Inc. lifted its stake in shares of NovaGold Resources by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 10,754,870 shares of the mining company's stock valued at $35,963,000 after buying an additional 169,209 shares during the period. Institutional investors and hedge funds own 57.56% of the company's stock.

NovaGold Resources Company Profile

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.