NovaGold Resources (NYSEAMERICAN:NG) Trading Down 6.2% – Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded down 6.2% during mid-day trading on Monday . The company traded as low as $3.58 and last traded at $3.55. 1,712,306 shares changed hands during trading, a decline of 17% from the average session volume of 2,059,698 shares. The stock had previously closed at $3.78.

Analyst Upgrades and Downgrades

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

NovaGold Resources Stock Performance

The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -26.19 and a beta of 1.05. The company’s fifty day moving average is $3.34 and its two-hundred day moving average is $3.45.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in NovaGold Resources by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company’s stock valued at $31,603,000 after purchasing an additional 71,256 shares during the period. Cary Street Partners Financial LLC acquired a new position in NovaGold Resources during the 1st quarter valued at about $29,000. Cedar Wealth Management LLC boosted its stake in NovaGold Resources by 15.9% during the 1st quarter. Cedar Wealth Management LLC now owns 197,866 shares of the mining company’s stock valued at $578,000 after purchasing an additional 27,079 shares during the period. XTX Topco Ltd boosted its stake in NovaGold Resources by 137.8% during the 1st quarter. XTX Topco Ltd now owns 147,084 shares of the mining company’s stock valued at $429,000 after purchasing an additional 85,236 shares during the period. Finally, Dauntless Investment Group LLC acquired a new position in NovaGold Resources during the 1st quarter valued at about $39,000. 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.