NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up - Here's What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price gapped up prior to trading on Friday . The stock had previously closed at $3.50, but opened at $3.60. NovaGold Resources shares last traded at $3.44, with a volume of 219,368 shares.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NG shares. StockNews.com cut shares of NovaGold Resources from a "hold" rating to a "sell" rating in a research report on Sunday, July 28th. Citigroup upgraded NovaGold Resources to a "strong-buy" rating in a report on Thursday, October 3rd. Finally, National Bank Financial lowered NovaGold Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 24th.

NovaGold Resources Trading Down 3.1 %

The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -26.08 and a beta of 1.06.

NovaGold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings results on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Institutional Trading of NovaGold Resources

Several hedge funds have recently added to or reduced their stakes in NG. Barclays PLC lifted its position in shares of NovaGold Resources by 19.9% during the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company's stock valued at $3,762,000 after buying an additional 152,164 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in NovaGold Resources in the 3rd quarter valued at about $263,000. XTX Topco Ltd lifted its holdings in NovaGold Resources by 52.1% during the third quarter. XTX Topco Ltd now owns 42,004 shares of the mining company's stock valued at $172,000 after purchasing an additional 14,397 shares during the last quarter. National Bank of Canada FI boosted its position in NovaGold Resources by 98.2% during the third quarter. National Bank of Canada FI now owns 280,335 shares of the mining company's stock worth $1,152,000 after purchasing an additional 138,868 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of 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 purchasing an additional 219,077 shares in the last quarter. Institutional investors own 57.56% of the company's stock.

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.