NovaGold Resources (NYSEAMERICAN:NG) Shares Down 5.7% – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price traded down 5.7% during trading on Thursday . The stock traded as low as $3.61 and last traded at $3.61. 244,742 shares changed hands during trading, a decline of 86% from the average session volume of 1,697,153 shares. The stock had previously closed at $3.83.

Analyst Ratings Changes

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

NovaGold Resources Trading Down 4.8 %

The firm has a market capitalization of $1.14 billion, a P/E ratio of -26.15 and a beta of 1.07.

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

Hedge Funds Weigh In On NovaGold Resources

Large investors have recently modified their holdings of the stock. First Eagle Investment Management LLC boosted its holdings in NovaGold Resources by 16.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after purchasing an additional 3,042,480 shares during the period. Lingotto Investment Management LLP raised its holdings in NovaGold Resources by 10.2% in the 2nd quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock valued at $67,222,000 after acquiring an additional 1,790,528 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of NovaGold Resources during the 2nd quarter valued at $2,029,000. Bank of Montreal Can raised its stake in NovaGold Resources by 26.5% in the third quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock valued at $5,377,000 after purchasing an additional 267,713 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in NovaGold Resources by 37.2% during the third quarter. Jane Street Group LLC now owns 807,387 shares of the mining company’s stock worth $3,310,000 after purchasing an additional 219,077 shares during the period. 57.56% of the stock is 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.