NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 4.3% - Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG shares fell 4.3% during mid-day trading on Friday . The stock traded as low as $3.05 and last traded at $3.02. 594,607 shares changed hands during trading, a decline of 66% from the average session volume of 1,737,455 shares. The stock had previously closed at $3.15.

Analysts Set New Price Targets

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

NovaGold Resources Price Performance

The stock has a market cap of $1.00 billion, a PE ratio of -23.08 and a beta of 1.06.

Institutional Investors Weigh In On NovaGold Resources

Several large investors have recently modified their holdings of NG. American Century Companies Inc. acquired a new position in NovaGold Resources in the 2nd quarter worth approximately $2,029,000. Bank of Montreal Can boosted its position in shares of NovaGold Resources by 26.5% in the third quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company's stock worth $5,377,000 after buying an additional 267,713 shares during the period. Jane Street Group LLC grew its holdings in shares of NovaGold Resources by 37.2% during the third quarter. Jane Street Group LLC now owns 807,387 shares of the mining company's stock valued at $3,310,000 after buying an additional 219,077 shares in the last quarter. State Street Corp raised its position in NovaGold Resources by 5.0% during the third quarter. State Street Corp now owns 4,321,172 shares of the mining company's stock valued at $17,717,000 after buying an additional 206,610 shares during the period. Finally, Wellington Management Group LLP lifted its stake in NovaGold Resources by 20.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,146,787 shares of the mining company's stock worth $4,702,000 after acquiring an additional 195,117 shares in the last quarter. 57.56% of the stock is owned by 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.