NovaGold Resources (NYSEAMERICAN:NG) Stock Price Up 7.3% - Here's Why

NovaGold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG's stock price was up 7.3% on Wednesday . The company traded as high as $3.29 and last traded at $3.33. Approximately 793,471 shares traded hands during trading, a decline of 59% from the average daily volume of 1,952,949 shares. The stock had previously closed at $3.10.

NovaGold Resources Trading Up 6.9 %

The company has a market capitalization of $1.19 billion, a PE ratio of -27.46 and a beta of 1.05. The company has a 50-day moving average of $3.22.

Institutional Investors Weigh In On NovaGold Resources

Hedge funds have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new stake in shares of NovaGold Resources in the 3rd quarter valued at $102,000. Intech Investment Management LLC acquired a new stake in shares of NovaGold Resources in the 3rd quarter valued at $182,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of NovaGold Resources in the 3rd quarter valued at $223,000. Bank of Montreal Can raised its holdings in shares of NovaGold Resources by 26.5% in the 3rd quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company's stock valued at $5,377,000 after purchasing an additional 267,713 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of NovaGold Resources by 15.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company's stock valued at $284,000 after purchasing an additional 9,009 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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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.