NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 4.3% - What's Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price dropped 4.3% during mid-day trading on Thursday . The stock traded as low as $4.45 and last traded at $4.49. Approximately 4,310,106 shares changed hands during mid-day trading, an increase of 84% from the average daily volume of 2,338,790 shares. The stock had previously closed at $4.69.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NG shares. National Bank Financial raised shares of NovaGold Resources to a "hold" rating in a report on Friday, March 21st. Royal Bank of Canada upgraded shares of NovaGold Resources from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $5.00 to $7.00 in a research report on Wednesday.

NovaGold Resources Stock Performance

The firm has a market capitalization of $1.41 billion, a P/E ratio of -32.38 and a beta of 1.05. The business's fifty day moving average price is $3.55 and its two-hundred day moving average price is $3.46.

Hedge Funds Weigh In On NovaGold Resources

Several institutional investors have recently made changes to their positions in NG. Barclays PLC increased its stake in shares of NovaGold Resources by 19.9% in the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company's stock valued at $3,762,000 after purchasing an additional 152,164 shares in the last quarter. Goehring & Rozencwajg Associates LLC increased its position in shares of NovaGold Resources by 5.6% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 371,128 shares of the mining company's stock valued at $1,228,000 after buying an additional 19,712 shares in the last quarter. Keating Investment Counselors Inc. increased its position in shares of NovaGold Resources by 281.3% in the fourth quarter. Keating Investment Counselors Inc. now owns 61,000 shares of the mining company's stock valued at $203,000 after buying an additional 45,000 shares in the last quarter. Lingotto Investment Management LLP raised its stake in shares of NovaGold Resources by 3.5% during the 4th quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company's stock worth $69,604,000 after buying an additional 702,636 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of NovaGold Resources during the 4th quarter worth approximately $1,952,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.