NovaGold Resources (NYSEAMERICAN:NG) Sees Unusually-High Trading Volume – Here’s Why

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares saw an uptick in trading volume on Friday . 4,402,741 shares changed hands during mid-day trading, an increase of 85% from the previous session’s volume of 2,375,209 shares.The stock last traded at $2.76 and had previously closed at $2.51.

Wall Street Analysts Forecast Growth

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

NovaGold Resources Stock Performance

The stock has a market capitalization of $945.39 million, a price-to-earnings ratio of -21.81 and a beta of 1.05. The business’s 50 day simple moving average is $3.07 and its 200-day simple moving average is $3.40.

Hedge Funds Weigh In On NovaGold Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lingotto Investment Management LLP grew its holdings 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 buying an additional 702,636 shares in the last quarter. Kopernik Global Investors LLC boosted its position in NovaGold Resources by 23.1% during the 4th quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company’s stock worth $56,633,000 after acquiring an additional 3,187,981 shares during the period. Vanguard Group Inc. grew its stake in NovaGold Resources by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 10,754,870 shares of the mining company’s stock valued at $35,963,000 after acquiring an additional 169,209 shares in the last quarter. State Street Corp increased its holdings 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 purchasing an additional 206,610 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of NovaGold Resources by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company’s stock worth $10,220,000 after purchasing an additional 20,218 shares in the last quarter. 57.56% of the stock is owned by institutional investors.

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.