NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down – What’s Next?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped down prior to trading on Monday . The stock had previously closed at $3.44, but opened at $3.31. NovaGold Resources shares last traded at $3.31, with a volume of 318,147 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NG shares. StockNews.com lowered shares of NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. Citigroup upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, National Bank Financial lowered shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th.

NovaGold Resources Price Performance

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings data on Wednesday, October 2nd. The mining company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Hedge Funds Weigh In On NovaGold Resources

A number of large investors have recently added to or reduced their stakes in NG. Russell Investments Group Ltd. raised its position in shares of NovaGold Resources by 37.0% in the first quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company’s stock valued at $6,359,000 after buying an additional 572,273 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of NovaGold Resources by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock valued at $31,134,000 after purchasing an additional 367,401 shares during the period. American Century Companies Inc. purchased a new stake in shares of NovaGold Resources in the second quarter valued at about $2,029,000. First Eagle Investment Management LLC grew its holdings in shares of NovaGold Resources by 16.5% in the second quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after purchasing an additional 3,042,480 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of NovaGold Resources by 24.0% in the second quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company’s stock valued at $3,105,000 after purchasing an additional 173,817 shares during the period. 57.56% of the stock is currently 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.