NovaGold Resources (NYSEAMERICAN:NG) Stock Price Up 5.1% – Here’s Why

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares rose 5.1% during mid-day trading on Tuesday . The company traded as high as $3.74 and last traded at $3.73. Approximately 351,231 shares were traded during trading, a decline of 79% from the average daily volume of 1,707,930 shares. The stock had previously closed at $3.55.

Wall Street Analyst Weigh In

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

NovaGold Resources Price Performance

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. First Eagle Investment Management LLC raised its stake 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 in the last quarter. Lingotto Investment Management LLP raised its stake in NovaGold Resources by 10.2% during the second quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock worth $67,222,000 after acquiring an additional 1,790,528 shares in the last quarter. Vanguard Group Inc. raised its stake in NovaGold Resources by 3.7% during the first quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock worth $31,134,000 after acquiring an additional 367,401 shares in the last quarter. State Street Corp grew its holdings in shares of NovaGold Resources by 5.0% during the third quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock worth $17,717,000 after purchasing an additional 206,610 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of NovaGold Resources by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company’s stock worth $12,497,000 after purchasing an additional 9,629 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.