Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG were down 9.5% during mid-day trading on Tuesday . The company traded as low as $2.33 and last traded at $2.34. Approximately 4,301,177 shares traded hands during mid-day trading, an increase of 165% from the average daily volume of 1,620,872 shares. The stock had previously closed at $2.58.
Wall Street Analyst Weigh In
Separately, National Bank Financial upgraded NovaGold Resources to a "hold" rating in a research report on Friday, March 21st.
View Our Latest Research Report on NG
NovaGold Resources Stock Performance
The firm has a 50-day moving average price of $3.06 and a two-hundred day moving average price of $3.40. The firm has a market cap of $940.37 million, a price-to-earnings ratio of -21.62 and a beta of 1.05.
Institutional Investors Weigh In On NovaGold Resources
Institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its stake in 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 buying an additional 6,959 shares during the period. Squarepoint Ops LLC acquired a new stake in NovaGold Resources in the 4th quarter valued at $35,000. Wolverine Trading LLC lifted its stake in shares of NovaGold Resources by 4,789.1% during the fourth quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company's stock worth $53,000 after purchasing an additional 16,666 shares in the last quarter. AXQ Capital LP acquired a new position in NovaGold Resources during the 4th quarter worth approximately $59,000. Finally, Jump Financial LLC acquired a new stake in NovaGold Resources in the fourth quarter valued at approximately $67,000. Hedge funds and other institutional investors own 57.56% of the company's stock.
About NovaGold Resources
(
Get Free Report)
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.
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