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

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shot up 4.3% on Monday . The company traded as high as $4.28 and last traded at $4.29. 782,939 shares traded 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 Analysts Forecast Growth

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

NovaGold Resources Price Performance

The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -29.08 and a beta of 1.05. The business's 50 day moving average is $3.34 and its 200 day moving average is $3.45.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lingotto Investment Management LLP lifted its position in NovaGold Resources by 3.5% in the fourth quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company's stock valued at $69,604,000 after purchasing an additional 702,636 shares during the period. Kopernik Global Investors LLC lifted its holdings in shares of NovaGold Resources by 23.1% in the 4th quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company's stock valued at $56,633,000 after buying an additional 3,187,981 shares during the period. Vanguard Group Inc. boosted its stake in shares of NovaGold Resources by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock valued at $31,603,000 after buying an additional 71,256 shares in the last quarter. Geode Capital Management LLC grew its holdings in NovaGold Resources by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock worth $10,220,000 after acquiring an additional 20,218 shares during the period. Finally, Amundi grew its holdings in NovaGold Resources by 11.6% during the fourth quarter. Amundi now owns 2,414,702 shares of the mining company's stock worth $8,138,000 after acquiring an additional 251,583 shares during the period. 57.56% of the stock is currently 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.