NovaGold Resources (NYSEAMERICAN:NG) Shares Down 2.6% – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares dropped 2.6% during mid-day trading on Monday . The stock traded as low as $3.29 and last traded at $3.32. Approximately 197,901 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 846,294 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

Separately, Citigroup raised NovaGold Resources to a “strong-buy” rating in a research report on Thursday, October 3rd.

NovaGold Resources Stock Down 1.5 %

The stock has a market capitalization of $1.12 billion, a PE ratio of -25.85 and a beta of 1.07.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NG. First Eagle Investment Management LLC raised its holdings in shares of NovaGold Resources by 16.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock worth $74,340,000 after acquiring an additional 3,042,480 shares in the last quarter. Lingotto Investment Management LLP raised its holdings in shares of NovaGold Resources by 10.2% during the 2nd quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock worth $67,222,000 after acquiring an additional 1,790,528 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of NovaGold Resources during the 2nd quarter worth approximately $2,029,000. Bank of Montreal Can raised its holdings in NovaGold Resources by 26.5% during the 3rd quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock valued at $5,377,000 after buying an additional 267,713 shares during the period. Finally, Jane Street Group LLC raised its holdings in NovaGold Resources by 37.2% during the 3rd quarter. Jane Street Group LLC now owns 807,387 shares of the mining company’s stock valued at $3,310,000 after buying an additional 219,077 shares during the period. 57.56% of the stock is currently owned by institutional investors.

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.