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

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares gapped up prior to trading on Wednesday . The stock had previously closed at $3.77, but opened at $4.08. NovaGold Resources shares last traded at $4.20, with a volume of 1,906,916 shares.

Analysts Set New Price Targets

A number of equities research analysts have commented on NG shares. National Bank Financial upgraded shares of NovaGold Resources to a "hold" rating in a research note on Friday, March 21st. Royal Bank of Canada raised shares of NovaGold Resources from a "sector perform" rating to an "outperform" rating and boosted their target price for the company from $5.00 to $7.00 in a research note on Wednesday.

NovaGold Resources Stock Performance

The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -33.92 and a beta of 1.05. The business's 50 day moving average price is $3.50 and its 200 day moving average price is $3.45.

Institutional Trading of NovaGold Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC increased its position 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 purchasing an additional 6,959 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in NovaGold Resources during the first quarter worth approximately $29,000. Squarepoint Ops LLC purchased a new stake in NovaGold Resources in the fourth quarter valued at approximately $35,000. Dauntless Investment Group LLC acquired a new position in shares of NovaGold Resources in the first quarter valued at approximately $39,000. Finally, Cubist Systematic Strategies LLC acquired a new position in NovaGold Resources during the first quarter worth $44,000. 57.56% of the stock is owned by institutional investors and hedge funds.

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.