NovaGold Resources (NYSEAMERICAN:NG) Shares Up 5.8%

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG traded up 5.8% during trading on Thursday . The company traded as high as $2.94 and last traded at $2.92. 527,192 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,411,097 shares. The stock had previously closed at $2.76.

Analysts Set New Price Targets

Separately, National Bank Financial restated an "outperform overweight" rating on shares of NovaGold Resources in a research note on Wednesday, January 3rd.

NovaGold Resources Trading Up 8.5 %

The company has a debt-to-equity ratio of 3,250.59, a current ratio of 32.57 and a quick ratio of 32.57. The firm has a market cap of $1.00 billion, a P/E ratio of -23.04 and a beta of 1.04.

NovaGold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its earnings results on Wednesday, January 24th. The mining company reported ($0.03) earnings per share for the quarter.

Hedge Funds Weigh In On NovaGold Resources

A number of large investors have recently bought and sold shares of NG. PNC Financial Services Group Inc. raised its holdings in NovaGold Resources by 87.7% during the second quarter. PNC Financial Services Group Inc. now owns 7,382 shares of the mining company's stock worth $29,000 after purchasing an additional 3,450 shares in the last quarter. GTS Securities LLC bought a new stake in shares of NovaGold Resources in the fourth quarter valued at about $39,000. Verition Fund Management LLC acquired a new position in NovaGold Resources in the second quarter worth about $55,000. HighTower Advisors LLC bought a new stake in shares of NovaGold Resources during the third quarter valued at approximately $57,000. Finally, HTLF Bank bought a new stake in shares of NovaGold Resources during the fourth quarter valued at approximately $67,000. Institutional investors 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.