NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up to $2.57

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.57, but opened at $2.70. NovaGold Resources shares last traded at $2.66, with a volume of 237,318 shares.

Analysts Set New Price Targets

Separately, National Bank Financial reiterated an “outperform overweight” rating on shares of NovaGold Resources in a research report on Wednesday, January 3rd.

NovaGold Resources Stock Performance

The company has a current ratio of 32.57, a quick ratio of 32.57 and a debt-to-equity ratio of 3,250.59.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly earnings data on Wednesday, January 24th. The mining company reported ($0.03) earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Kopernik Global Investors LLC lifted its stake in NovaGold Resources by 34.6% in the 2nd quarter. Kopernik Global Investors LLC now owns 11,898,080 shares of the mining company’s stock valued at $47,473,000 after purchasing an additional 3,057,519 shares during the last quarter. Norges Bank acquired a new stake in NovaGold Resources during the fourth quarter worth approximately $12,493,000. Sun Valley Gold LLC acquired a new stake in NovaGold Resources during the second quarter worth approximately $5,644,000. Paulson & CO. Inc. raised its position in shares of NovaGold Resources by 5.9% in the fourth quarter. Paulson & CO. Inc. now owns 23,541,483 shares of the mining company’s stock valued at $88,045,000 after buying an additional 1,315,183 shares in the last quarter. Finally, Alps Advisors Inc. raised its position in shares of NovaGold Resources by 495.0% in the fourth quarter. Alps Advisors Inc. now owns 1,164,387 shares of the mining company’s stock valued at $6,963,000 after buying an additional 968,700 shares in the last quarter. Institutional investors and hedge funds 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.