NovaGold Resources (NYSEAMERICAN:NG) Share Price Passes Above 200-Day Moving Average - Here's Why

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as high as $3.39. NovaGold Resources shares last traded at $3.31, with a volume of 1,660,153 shares changing hands.

Analyst Ratings Changes

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

NovaGold Resources Stock Down 0.3 %

The company has a market cap of $1.10 billion, a P/E ratio of -25.38 and a beta of 1.06.

Institutional Investors Weigh In On NovaGold Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NG. Northwest & Ethical Investments L.P. bought a new stake in shares of NovaGold Resources in the 3rd quarter worth about $31,000. The Manufacturers Life Insurance Company raised its position in NovaGold Resources by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company's stock worth $1,022,000 after purchasing an additional 8,521 shares during the period. BNP Paribas Financial Markets lifted its stake in NovaGold Resources by 15.0% in the third 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 last quarter. Toronto Dominion Bank boosted its position in shares of NovaGold Resources by 67.3% during the third 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 during the period. Finally, Geode Capital Management LLC grew its stake in shares of NovaGold Resources by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company's stock valued at $12,497,000 after buying an additional 9,629 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.