NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 3.8% - Here's Why

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's stock price was down 3.8% on Tuesday . The stock traded as low as $3.47 and last traded at $3.45. Approximately 649,719 shares changed hands during trading, a decline of 71% from the average daily volume of 2,204,086 shares. The stock had previously closed at $3.58.

Wall Street Analysts Forecast Growth

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

NovaGold Resources Stock Up 2.3%

The firm has a market cap of $1.21 billion, a PE ratio of -27.92 and a beta of 1.05. The stock has a 50 day moving average price of $3.43 and a two-hundred day moving average price of $3.44.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. 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. Kopernik Global Investors LLC raised its stake in shares of NovaGold Resources by 9.3% during the 1st quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company's stock worth $54,288,000 after buying an additional 1,584,886 shares during the period. Vanguard Group Inc. raised its stake in shares of NovaGold Resources by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock worth $31,603,000 after buying an additional 71,256 shares during the period. Geode Capital Management LLC raised its stake in shares of NovaGold Resources by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock worth $10,220,000 after buying an additional 20,218 shares during the period. Finally, Amundi raised its stake in shares of NovaGold Resources by 15.6% during the 1st quarter. Amundi now owns 2,790,399 shares of the mining company's stock worth $7,925,000 after buying an additional 375,697 shares during the period. 57.56% of the stock is owned by institutional investors and hedge funds.

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.