NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 4.3% – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was down 4.3% during mid-day trading on Thursday . The company traded as low as $4.45 and last traded at $4.49. Approximately 4,310,106 shares traded hands during mid-day trading, an increase of 84% from the average daily volume of 2,338,790 shares. The stock had previously closed at $4.69.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NG shares. National Bank Financial upgraded NovaGold Resources to a “hold” rating in a report on Friday, March 21st. Royal Bank of Canada upgraded NovaGold Resources from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $5.00 to $7.00 in a report on Wednesday.

NovaGold Resources Price Performance

The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -32.38 and a beta of 1.05. The stock has a 50 day simple moving average of $3.55 and a two-hundred day simple moving average of $3.46.

Institutional Trading of NovaGold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lingotto Investment Management LLP increased its position in shares of NovaGold Resources by 3.5% during the fourth quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company’s stock worth $69,604,000 after purchasing an additional 702,636 shares in the last quarter. Kopernik Global Investors LLC increased its position in shares of NovaGold Resources by 9.3% during the first quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company’s stock worth $54,288,000 after purchasing an additional 1,584,886 shares in the last quarter. Vanguard Group Inc. increased its position in shares of NovaGold Resources by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company’s stock worth $31,603,000 after purchasing an additional 71,256 shares in the last quarter. Geode Capital Management LLC increased its position in shares of NovaGold Resources by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company’s stock worth $10,220,000 after purchasing an additional 20,218 shares in the last quarter. Finally, Amundi increased its position in shares of NovaGold Resources by 15.6% during the first quarter. Amundi now owns 2,790,399 shares of the mining company’s stock worth $7,925,000 after purchasing an additional 375,697 shares in the last quarter. 57.56% of the stock is currently 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.