NovaGold Resources (NYSEAMERICAN:NG) Shares Down 3.9% - Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares traded down 3.9% during trading on Wednesday . The company traded as low as $2.88 and last traded at $2.87. 156,221 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 1,612,459 shares. The stock had previously closed at $2.98.

Analysts Set New Price Targets

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

NovaGold Resources Stock Down 8.1 %

The business has a fifty day moving average price of $3.15. The stock has a market capitalization of $873.44 million, a PE ratio of -20.08 and a beta of 1.05.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC increased its position in shares of NovaGold Resources by 19.9% in the third 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 in the last quarter. State Street Corp increased its holdings in NovaGold Resources by 5.0% during the 3rd quarter. State Street Corp now owns 4,321,172 shares of the mining company's stock valued at $17,717,000 after acquiring an additional 206,610 shares in the last quarter. JPMorgan Chase & Co. raised its position in NovaGold Resources by 21.5% during the third quarter. JPMorgan Chase & Co. now owns 394,749 shares of the mining company's stock worth $1,618,000 after acquiring an additional 69,785 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of NovaGold Resources by 20.5% in the third quarter. Wellington Management Group LLP now owns 1,146,787 shares of the mining company's stock valued at $4,702,000 after purchasing an additional 195,117 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of NovaGold Resources by 0.3% in 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 purchasing an additional 9,629 shares during the last quarter. 57.56% of the stock is owned by hedge funds and other institutional investors.

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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.