NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up – Should You Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.11, but opened at $3.40. NovaGold Resources shares last traded at $3.61, with a volume of 1,840,422 shares.

Analysts Set New Price Targets

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

NovaGold Resources Stock Performance

The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -30.27 and a beta of 1.05. The company’s fifty day moving average price is $3.04 and its 200 day moving average price is $3.38.

Institutional Trading of NovaGold Resources

Several large investors have recently added to or reduced their stakes in the business. Robertson Stephens Wealth Management LLC increased its position in shares of NovaGold Resources by 6.2% during the 1st quarter. Robertson Stephens Wealth Management LLC now owns 287,233 shares of the mining company’s stock valued at $839,000 after purchasing an additional 16,687 shares during the period. Sowell Financial Services LLC bought a new position in shares of NovaGold Resources during the 1st quarter valued at about $146,000. Rhumbline Advisers raised its holdings in shares of NovaGold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company’s stock worth $1,137,000 after purchasing an additional 9,797 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in NovaGold Resources by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company’s stock worth $483,000 after buying an additional 3,871 shares in the last quarter. Finally, Wolverine Trading LLC grew its position in NovaGold Resources by 4,789.1% in the fourth quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock worth $53,000 after buying an additional 16,666 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.