NovaGold Resources (NYSEAMERICAN:NG) Shares Down 5.7% – Here’s Why

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded down 5.7% on Thursday . The company traded as low as $3.61 and last traded at $3.61. 244,742 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,697,153 shares. The stock had previously closed at $3.83.

Analyst Upgrades and Downgrades

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

NovaGold Resources Stock Performance

The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -26.15 and a beta of 1.07.

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

Hedge Funds Weigh In On NovaGold Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC increased its stake in shares of NovaGold Resources by 16.5% in the second quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after buying an additional 3,042,480 shares during the period. Lingotto Investment Management LLP boosted its holdings in NovaGold Resources by 10.2% in the second 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 during the last quarter. State Street Corp increased its position in NovaGold Resources by 5.0% during the 3rd quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock valued at $17,717,000 after purchasing an additional 206,610 shares during the period. Geode Capital Management LLC raised its holdings in NovaGold Resources by 0.3% during the 3rd 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. Finally, Bank of Montreal Can raised its holdings in NovaGold Resources by 26.5% during the 3rd quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock worth $5,377,000 after purchasing an additional 267,713 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.