NovaGold Resources (NYSEAMERICAN:NG) Shares Down 2.6% – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were down 2.6% on Monday . The stock traded as low as $3.29 and last traded at $3.32. Approximately 197,901 shares traded hands during trading, a decline of 77% from the average daily volume of 846,294 shares. The stock had previously closed at $3.41.

Wall Street Analysts Forecast Growth

Separately, Citigroup upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd.

NovaGold Resources Trading Down 1.5 %

The firm has a market capitalization of $1.12 billion, a PE ratio of -25.85 and a beta of 1.07.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Northwest & Ethical Investments L.P. purchased a new position in NovaGold Resources during the third quarter valued at $31,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in NovaGold Resources by 15.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,210 shares of the mining company’s stock valued at $225,000 after buying an additional 8,441 shares during the period. The Manufacturers Life Insurance Company lifted its position in NovaGold Resources by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company’s stock valued at $1,022,000 after buying an additional 8,521 shares during the period. BNP Paribas Financial Markets lifted its position in NovaGold Resources by 15.0% during the third quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company’s stock valued at $284,000 after buying an additional 9,009 shares during the period. Finally, Toronto Dominion Bank lifted its position in NovaGold Resources by 67.3% during the third quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company’s stock valued at $96,000 after buying an additional 9,377 shares during the period. 57.56% of the stock is owned by hedge funds and other 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.