NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up - Still a Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's stock price gapped up before the market opened on Wednesday . The stock had previously closed at $2.88, but opened at $3.03. NovaGold Resources shares last traded at $3.09, with a volume of 506,266 shares traded.

Wall Street Analysts Forecast Growth

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

NovaGold Resources Stock Down 1.0 %

The stock's 50 day moving average price is $3.04 and its 200-day moving average price is $3.38. The stock has a market capitalization of $997.26 million, a PE ratio of -22.92 and a beta of 1.05.

Institutional Trading of NovaGold Resources

Institutional investors have recently bought and sold shares of the stock. Kopernik Global Investors LLC increased its position in shares of NovaGold Resources by 23.1% in the fourth quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company's stock valued at $56,633,000 after buying an additional 3,187,981 shares in the last quarter. Lingotto Investment Management LLP raised its position in NovaGold Resources by 3.5% in the fourth quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company's stock valued at $69,604,000 after purchasing an additional 702,636 shares during the period. Raymond James Financial Inc. acquired a new position in shares of NovaGold Resources in the fourth quarter valued at approximately $1,952,000. JPMorgan Chase & Co. increased its stake in shares of NovaGold Resources by 105.2% during the fourth quarter. JPMorgan Chase & Co. now owns 809,937 shares of the mining company's stock worth $2,697,000 after buying an additional 415,188 shares during the period. Finally, Amundi increased its holdings in shares of NovaGold Resources by 11.6% in the 4th quarter. Amundi now owns 2,414,702 shares of the mining company's stock valued at $8,138,000 after acquiring an additional 251,583 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.