NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down - Time to Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares gapped down prior to trading on Monday . The stock had previously closed at $3.44, but opened at $3.31. NovaGold Resources shares last traded at $3.31, with a volume of 318,147 shares trading hands.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Citigroup raised shares of NovaGold Resources to a "strong-buy" rating in a research note on Thursday, October 3rd. National Bank Financial cut shares of NovaGold Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 24th. Finally, StockNews.com downgraded NovaGold Resources from a "hold" rating to a "sell" rating in a research report on Sunday, July 28th.

NovaGold Resources Price Performance

The company has a market cap of $1.11 billion, a price-to-earnings ratio of -26.46 and a beta of 1.06.

NovaGold Resources (NYSEAMERICAN:NG - Get Free Report) 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 the consensus estimate of ($0.02) by ($0.01).

Hedge Funds Weigh In On NovaGold Resources

A number of hedge funds have recently made changes to their positions in NG. Russell Investments Group Ltd. lifted its position in NovaGold Resources by 37.0% in the first quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company's stock valued at $6,359,000 after acquiring an additional 572,273 shares during the last quarter. Vanguard Group Inc. grew its holdings in NovaGold Resources by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company's stock valued at $31,134,000 after purchasing an additional 367,401 shares during the period. American Century Companies Inc. purchased a new position in shares of NovaGold Resources in the 2nd quarter worth about $2,029,000. First Eagle Investment Management LLC increased its holdings in NovaGold Resources by 16.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company's stock valued at $74,340,000 after purchasing an additional 3,042,480 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in NovaGold Resources by 24.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company's stock worth $3,105,000 after buying an additional 173,817 shares in the last quarter. Institutional investors and hedge funds 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.

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