NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up - Still a Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG gapped up before the market opened on Wednesday . The stock had previously closed at $2.88, but opened at $3.03. NovaGold Resources shares last traded at $3.09, with a volume of 506,266 shares.

Wall Street Analysts Forecast Growth

Separately, National Bank Financial raised shares of NovaGold Resources to a "hold" rating in a report on Friday, March 21st.

NovaGold Resources Price Performance

The stock has a 50 day moving average price of $3.04 and a 200-day moving average price of $3.38. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -23.92 and a beta of 1.05.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its holdings in shares of NovaGold Resources by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock valued at $483,000 after buying an additional 3,871 shares during the period. Robertson Stephens Wealth Management LLC lifted its position in shares of NovaGold Resources by 2.1% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 270,546 shares of the mining company's stock worth $901,000 after purchasing an additional 5,546 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of NovaGold Resources by 814.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company's stock worth $26,000 after purchasing an additional 6,959 shares in the last quarter. MetLife Investment Management LLC raised its stake in NovaGold Resources by 5.7% in the fourth quarter. MetLife Investment Management LLC now owns 131,843 shares of the mining company's stock valued at $439,000 after buying an additional 7,080 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in NovaGold Resources by 0.3% in the third quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company's stock valued at $12,497,000 after purchasing an additional 9,629 shares in the last quarter. 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.