NovaGold Resources (NYSEAMERICAN:NG) Hits New 52-Week Low – Here’s What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $2.60 and last traded at $2.61, with a volume of 766242 shares traded. The stock had previously closed at $2.84.

Analyst Ratings Changes

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

NovaGold Resources Stock Down 6.9 %

The stock has a market cap of $885.15 million, a P/E ratio of -20.35 and a beta of 1.05. The firm has a fifty day moving average price of $3.17.

Institutional Investors Weigh In On NovaGold Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in NovaGold Resources by 814.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company’s stock valued at $26,000 after acquiring an additional 6,959 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of NovaGold Resources in the 4th quarter worth $35,000. Wolverine Trading LLC grew its holdings in shares of 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 acquiring an additional 16,666 shares during the period. AXQ Capital LP purchased a new stake in NovaGold Resources during the fourth quarter valued at $59,000. Finally, Jump Financial LLC purchased a new position in NovaGold Resources in the fourth quarter worth about $67,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

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.