NovaGold Resources (NYSEAMERICAN:NG) Trading 5.8% Higher

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price traded up 5.8% during trading on Thursday . The stock traded as high as $2.94 and last traded at $2.92. 527,192 shares were traded during trading, a decline of 78% from the average session volume of 2,411,097 shares. The stock had previously closed at $2.76.

Analyst Ratings Changes

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 8.7 %

The firm has a market cap of $1.00 billion, a P/E ratio of -22.69 and a beta of 1.04. The company has a quick ratio of 32.57, a current ratio of 32.57 and a debt-to-equity ratio of 3,250.59.

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

Hedge Funds Weigh In On NovaGold Resources

A number of hedge funds and other institutional investors have recently modified their holdings of NG. PNC Financial Services Group Inc. boosted its position in NovaGold Resources by 87.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,382 shares of the mining company’s stock worth $29,000 after acquiring an additional 3,450 shares during the period. GTS Securities LLC bought a new position in NovaGold Resources in the 4th quarter worth approximately $39,000. Verition Fund Management LLC bought a new position in NovaGold Resources in the 2nd quarter worth approximately $55,000. HighTower Advisors LLC bought a new position in NovaGold Resources in the 3rd quarter worth approximately $57,000. Finally, HTLF Bank acquired a new stake in shares of NovaGold Resources during the 4th quarter worth approximately $67,000. Institutional investors and hedge funds 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.