NovaGold Resources (NYSEAMERICAN:NG) Hits New 1-Year Low - Here's Why

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price hit a new 52-week low during trading on Friday . The stock traded as low as $2.60 and last traded at $2.61, with a volume of 766242 shares changing hands. The stock had previously closed at $2.84.

Analysts Set New Price Targets

Separately, National Bank Financial upgraded shares of NovaGold Resources to a "hold" rating in a research report on Friday, March 21st.

NovaGold Resources Stock Performance

The firm's fifty day simple moving average is $3.10. The firm has a market cap of $839.97 million, a PE ratio of -19.31 and a beta of 1.05.

Institutional Investors Weigh In On NovaGold Resources

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in NovaGold Resources by 15.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company's stock worth $284,000 after purchasing an additional 9,009 shares during the period. Point72 Asset Management L.P. bought a new position in NovaGold Resources in the third quarter valued at about $121,000. State Street Corp lifted its holdings in NovaGold Resources by 5.0% in the third quarter. State Street Corp now owns 4,321,172 shares of the mining company's stock valued at $17,717,000 after acquiring an additional 206,610 shares during the period. Wellington Management Group LLP boosted its holdings in shares of NovaGold Resources by 20.5% in the third quarter. Wellington Management Group LLP now owns 1,146,787 shares of the mining company's stock worth $4,702,000 after buying an additional 195,117 shares during the last quarter. Finally, Jane Street Group LLC raised its position in NovaGold Resources by 37.2% in the third quarter. Jane Street Group LLC now owns 807,387 shares of the mining company's stock worth $3,310,000 after acquiring an additional 219,077 shares during the period. Hedge funds and other institutional investors own 57.56% of the company's stock.

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.