NovaGold Resources (NYSEAMERICAN:NG) Shares Up 4% - Here's Why

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price shot up 4% during trading on Monday . The company traded as high as $3.11 and last traded at $3.10. 1,641,621 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 1,678,161 shares. The stock had previously closed at $2.98.

Wall Street Analyst Weigh In

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

NovaGold Resources Stock Down 10.8 %

The stock has a 50 day simple moving average of $3.15 and a 200 day simple moving average of $3.41. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -34.15 and a beta of 1.05.

Institutional Investors Weigh In On NovaGold Resources

Institutional investors have recently bought and sold shares of the stock. Barclays PLC grew its position in NovaGold Resources by 19.9% in the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company's stock worth $3,762,000 after purchasing an additional 152,164 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of NovaGold Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company's stock worth $12,497,000 after buying an additional 9,629 shares during the last quarter. Virtu Financial LLC bought a new position in shares of NovaGold Resources in the third quarter valued at approximately $308,000. JPMorgan Chase & Co. increased its position in shares of NovaGold Resources by 21.5% during the third quarter. JPMorgan Chase & Co. now owns 394,749 shares of the mining company's stock valued at $1,618,000 after acquiring an additional 69,785 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in NovaGold Resources by 8.8% during the fourth quarter. SG Americas Securities LLC now owns 214,126 shares of the mining company's stock worth $713,000 after acquiring an additional 17,341 shares during the period. Institutional investors own 57.56% of the company's stock.

About NovaGold Resources

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.