NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 9.5% – Here’s What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was down 9.5% during mid-day trading on Tuesday . The stock traded as low as $2.33 and last traded at $2.34. Approximately 4,301,177 shares changed hands during trading, an increase of 165% from the average daily volume of 1,620,872 shares. The stock had previously closed at $2.58.

Analyst Upgrades and Downgrades

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

NovaGold Resources Price Performance

The stock’s 50-day simple moving average is $3.14. The company has a market cap of $763.00 million, a PE ratio of -17.54 and a beta of 1.05.

Hedge Funds Weigh In On NovaGold Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sterling Capital Management LLC increased its holdings in shares of NovaGold Resources by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company’s stock valued at $26,000 after purchasing an additional 6,959 shares in the last quarter. Squarepoint Ops LLC bought a new position in NovaGold Resources in the 4th quarter valued at $35,000. Wolverine Trading LLC increased its stake in shares of NovaGold Resources by 4,789.1% in the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock valued at $53,000 after buying an additional 16,666 shares during the period. AXQ Capital LP bought a new stake in shares of NovaGold Resources during the fourth quarter worth $59,000. Finally, Jump Financial LLC acquired a new position in shares of NovaGold Resources during the fourth quarter valued at $67,000. 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.