NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down – Here’s What Happened

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 changing hands.

Analyst Upgrades and Downgrades

A number of equities 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. Citigroup raised shares of NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.

NovaGold Resources Price Performance

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

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last released 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).

Hedge Funds Weigh In On NovaGold Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC lifted its position in shares of NovaGold Resources by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 43,468 shares of the mining company’s stock valued at $130,000 after buying an additional 3,422 shares in the last quarter. Northwest & Ethical Investments L.P. purchased a new position in NovaGold Resources during the third quarter valued at approximately $31,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of NovaGold Resources by 15.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,210 shares of the mining company’s stock worth $225,000 after purchasing an additional 8,441 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of NovaGold Resources by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company’s stock valued at $1,022,000 after purchasing an additional 8,521 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of NovaGold Resources by 15.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company’s stock valued at $284,000 after buying an additional 9,009 shares in the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.