NovaGold Resources (NYSEAMERICAN:NG) Trading Down 3.7% – Here’s What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price traded down 3.7% during mid-day trading on Monday . The company traded as low as $3.28 and last traded at $3.27. 1,277,393 shares were traded during mid-day trading, a decline of 19% from the average session volume of 1,580,152 shares. The stock had previously closed at $3.39.

NovaGold Resources Stock Performance

The firm has a market capitalization of $1.09 billion, a PE ratio of -25.08 and a beta of 1.05. The stock has a 50 day moving average price of $3.23.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Kopernik Global Investors LLC raised its holdings in NovaGold Resources by 23.1% in the 4th quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company’s stock valued at $56,633,000 after buying an additional 3,187,981 shares during the last quarter. Lingotto Investment Management LLP raised its stake 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 valued at $69,604,000 after acquiring an additional 702,636 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of NovaGold Resources during the fourth quarter worth $1,952,000. JPMorgan Chase & Co. lifted its holdings in shares of NovaGold Resources by 105.2% during the fourth quarter. JPMorgan Chase & Co. now owns 809,937 shares of the mining company’s stock worth $2,697,000 after purchasing an additional 415,188 shares during the period. Finally, Bank of Montreal Can increased its holdings in NovaGold Resources by 26.5% in the third quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock valued at $5,377,000 after purchasing an additional 267,713 shares during the period. 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.