NovaGold Resources (NYSEAMERICAN:NG) Trading Down 2.6% - Here's Why

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG traded down 2.6% during mid-day trading on Monday . The company traded as low as $3.29 and last traded at $3.32. 197,901 shares changed hands during trading, a decline of 77% from the average session volume of 846,294 shares. The stock had previously closed at $3.41.

Analysts Set New Price Targets

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

NovaGold Resources Trading Down 3.2 %

The firm has a market cap of $1.10 billion, a P/E ratio of -25.38 and a beta of 1.07.

Hedge Funds Weigh In On NovaGold Resources

Several large investors have recently made changes to their positions in NG. Northwest & Ethical Investments L.P. bought a new position in shares of NovaGold Resources during the third quarter worth $31,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 buying an additional 8,441 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of NovaGold Resources by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company's stock worth $1,022,000 after buying an additional 8,521 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in NovaGold Resources by 15.0% during the third 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 during the last quarter. Finally, Toronto Dominion Bank grew its holdings in NovaGold Resources by 67.3% during the 3rd quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company's stock valued at $96,000 after buying an additional 9,377 shares in the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.