NovaGold Resources (NYSEAMERICAN:NG) Stock Price Up 4.2% – Here’s What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) rose 4.2% during trading on Thursday . The stock traded as high as $3.49 and last traded at $3.45. Approximately 260,030 shares changed hands during trading, a decline of 85% from the average daily volume of 1,732,564 shares. The stock had previously closed at $3.31.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com lowered NovaGold Resources from a “hold” rating to a “sell” rating in a research report on Sunday, July 28th. National Bank Financial lowered shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Citigroup raised shares of NovaGold Resources to a “strong-buy” rating in a research report on Thursday, October 3rd.

NovaGold Resources Price Performance

The stock has a market cap of $1.13 billion, a PE ratio of -26.08 and a beta of 1.06.

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

Hedge Funds Weigh In On NovaGold Resources

Large investors have recently made changes to their positions in the company. First Eagle Investment Management LLC increased its position in NovaGold Resources by 16.5% during the second 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 during the period. Lingotto Investment Management LLP boosted its stake in shares of NovaGold Resources by 10.2% in the second quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock valued at $67,222,000 after buying an additional 1,790,528 shares during the period. American Century Companies Inc. acquired a new stake in NovaGold Resources during the second quarter worth approximately $2,029,000. Russell Investments Group Ltd. increased its stake in NovaGold Resources by 37.0% during the 1st quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company’s stock worth $6,359,000 after acquiring an additional 572,273 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of NovaGold Resources by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock valued at $31,134,000 after acquiring an additional 367,401 shares during the period. Institutional investors 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.