NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down – Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price gapped down before the market opened on Monday . The stock had previously closed at $3.65, but opened at $3.53. NovaGold Resources shares last traded at $3.51, with a volume of 69,819 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NG. Citigroup upgraded NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd. StockNews.com downgraded NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 28th.

NovaGold Resources Stock Performance

The stock has a market cap of $1.19 billion, a P/E ratio of -27.54 and a beta of 1.06.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. ProShare Advisors LLC increased its holdings in shares of NovaGold Resources by 8.5% during the first quarter. ProShare Advisors LLC now owns 43,468 shares of the mining company’s stock valued at $130,000 after acquiring an additional 3,422 shares in the last quarter. Northwest & Ethical Investments L.P. bought a new position in shares of NovaGold Resources in the third quarter worth approximately $31,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of NovaGold Resources by 15.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,210 shares of the mining company’s stock valued at $225,000 after buying an additional 8,441 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of NovaGold Resources by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company’s stock valued at $1,022,000 after acquiring an additional 8,521 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in NovaGold Resources by 15.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company’s stock worth $284,000 after acquiring an additional 9,009 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors.

About NovaGold Resources

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.