NovaGold Resources (NYSEAMERICAN:NG) Trading Down 3.9% – Here’s Why

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded down 3.9% during trading on Wednesday . The stock traded as low as $2.88 and last traded at $2.87. 156,221 shares traded hands during trading, a decline of 90% from the average session volume of 1,612,459 shares. The stock had previously closed at $2.98.

Wall Street Analyst Weigh In

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

NovaGold Resources Price Performance

The firm has a market cap of $950.41 million, a price-to-earnings ratio of -21.85 and a beta of 1.05. The company’s 50-day moving average is $3.17.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NG. Intech Investment Management LLC purchased a new stake in shares of NovaGold Resources during the third quarter worth approximately $182,000. BNP Paribas Financial Markets lifted its position in NovaGold Resources by 15.0% in the third quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company’s stock valued at $284,000 after buying an additional 9,009 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in NovaGold Resources during the third quarter worth about $121,000. State Street Corp raised its stake in shares of NovaGold Resources by 5.0% in the 3rd quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock valued at $17,717,000 after acquiring an additional 206,610 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of NovaGold Resources by 20.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,146,787 shares of the mining company’s stock worth $4,702,000 after purchasing an additional 195,117 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.