NovaGold Resources (NYSEAMERICAN:NG) Stock Price Up 4.3% - Still a Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price shot up 4.3% on Monday . The stock traded as high as $4.28 and last traded at $4.29. 782,939 shares changed hands during trading, a decline of 59% from the average session volume of 1,909,515 shares. The stock had previously closed at $4.11.

Wall Street Analyst Weigh In

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

NovaGold Resources Stock Performance

The business has a 50-day moving average of $3.25 and a 200-day moving average of $3.44. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -32.19 and a beta of 1.05.

Hedge Funds Weigh In On NovaGold Resources

Several institutional investors have recently modified their holdings of NG. Principal Financial Group Inc. grew its stake in shares of NovaGold Resources by 21.0% during the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock worth $48,000 after purchasing an additional 2,848 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of NovaGold Resources by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock worth $483,000 after acquiring an additional 3,871 shares in the last quarter. Robertson Stephens Wealth Management LLC increased its holdings in shares of NovaGold Resources by 2.1% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 270,546 shares of the mining company's stock valued at $901,000 after acquiring an additional 5,546 shares during the last quarter. Significant Wealth Partners LLC raised its position in shares of NovaGold Resources by 20.9% during the 1st quarter. Significant Wealth Partners LLC now owns 38,546 shares of the mining company's stock worth $113,000 after acquiring an additional 6,670 shares in the last quarter. Finally, Sterling Capital Management LLC lifted 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 purchasing an additional 6,959 shares during 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.

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