Point72 Asset Management L.P. Invests $121,000 in NovaGold Resources Inc. (NYSEAMERICAN:NG)

Posted by Editorial Team on Dec 14th, 2024

Point72 Asset Management L.P. purchased a new position in NovaGold Resources Inc. (NYSEAMERICAN:NG – Free Report) (TSE:NG) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 29,595 shares of the mining company’s stock, valued at approximately $121,000.

Several other large investors have also recently modified their holdings of the stock. Northwest & Ethical Investments L.P. purchased a new stake in NovaGold Resources during the 3rd quarter valued at $31,000. AQR Capital Management LLC purchased a new stake in shares of NovaGold Resources during the second quarter valued at $49,000. Evoke Wealth LLC bought a new stake in NovaGold Resources in the 2nd quarter worth about $66,000. Banque Cantonale Vaudoise purchased a new position in NovaGold Resources in the 3rd quarter worth about $102,000. Finally, Fore Capital LLC bought a new position in NovaGold Resources during the 2nd quarter valued at about $104,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

NovaGold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $3.40 on Friday. The firm has a market capitalization of $1.14 billion, a PE ratio of -26.15 and a beta of 1.07. NovaGold Resources Inc. has a 1 year low of $2.22 and a 1 year high of $4.88.

NovaGold Resources (NYSEAMERICAN:NG – Get Free Report) (TSE:NG) last released its quarterly earnings data on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01).

Analysts Set New Price Targets

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

Read Our Latest Research Report on NG

NovaGold Resources Profile

(Free Report)

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.