NovaGold Resources (NYSEAMERICAN:NG) Trading Down 3.7% - Time to Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's stock price traded down 3.7% on Monday . The stock traded as low as $3.28 and last traded at $3.27. 1,277,393 shares changed hands during trading, a decline of 19% from the average session volume of 1,580,152 shares. The stock had previously closed at $3.39.

Analysts Set New Price Targets

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

NovaGold Resources Trading Down 4.8 %

The company has a market cap of $987.22 million, a PE ratio of -22.69 and a beta of 1.05. The business's 50 day moving average is $3.21.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp lifted its stake in NovaGold Resources by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock valued at $483,000 after acquiring an additional 3,871 shares during the last quarter. Wolverine Trading LLC raised its holdings in shares of NovaGold Resources by 4,789.1% during the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company's stock valued at $53,000 after purchasing an additional 16,666 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of NovaGold Resources by 6.7% during the 4th quarter. Vident Advisory LLC now owns 211,388 shares of the mining company's stock valued at $704,000 after purchasing an additional 13,288 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of NovaGold Resources in the 4th quarter valued at $35,000. Finally, Two Sigma Investments LP boosted its holdings in NovaGold Resources by 74.8% in the fourth quarter. Two Sigma Investments LP now owns 317,029 shares of the mining company's stock worth $1,056,000 after purchasing an additional 135,705 shares in the last quarter. 57.56% of the stock is 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.