NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 3.9% – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares traded down 3.9% on Wednesday . The company 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.

Analyst Ratings Changes

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

NovaGold Resources Stock Performance

The company’s fifty day moving average is $3.18. The firm has a market capitalization of $958.77 million, a P/E ratio of -22.04 and a beta of 1.05.

Institutional Trading of NovaGold Resources

Institutional investors have recently modified their holdings of the company. Intech Investment Management LLC acquired a new stake in NovaGold Resources during the third quarter valued at approximately $182,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of NovaGold Resources during the 3rd quarter worth $223,000. Bank of Montreal Can grew its holdings in shares of NovaGold Resources by 26.5% in the 3rd quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock worth $5,377,000 after acquiring an additional 267,713 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of NovaGold Resources by 15.0% during the third quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company’s stock worth $284,000 after purchasing an additional 9,009 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of NovaGold Resources during the third quarter valued at $121,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.