NovaGold Resources (NYSEAMERICAN:NG) Trading Down 6.2% – Should You Sell?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) dropped 6.2% during mid-day trading on Monday . The company traded as low as $3.58 and last traded at $3.55. Approximately 1,712,306 shares were traded during trading, a decline of 17% from the average daily volume of 2,059,698 shares. The stock had previously closed at $3.78.

Wall Street Analysts Forecast Growth

Separately, National Bank Financial raised NovaGold Resources to a “hold” rating in a research note on Friday, March 21st.

NovaGold Resources Stock Performance

The stock has a market cap of $1.14 billion, a PE ratio of -26.19 and a beta of 1.05. The company’s 50-day moving average price is $3.34 and its 200 day moving average price is $3.45.

Institutional Trading of NovaGold Resources

A number of large investors have recently modified their holdings of the stock. Barclays PLC boosted its stake in NovaGold Resources by 19.9% in the third quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock valued at $3,762,000 after acquiring an additional 152,164 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in NovaGold Resources by 21.5% during the third quarter. JPMorgan Chase & Co. now owns 394,749 shares of the mining company’s stock worth $1,618,000 after purchasing an additional 69,785 shares in the last quarter. SG Americas Securities LLC increased its holdings in NovaGold Resources by 8.8% in the fourth quarter. SG Americas Securities LLC now owns 214,126 shares of the mining company’s stock valued at $713,000 after buying an additional 17,341 shares in the last quarter. Robertson Stephens Wealth Management LLC increased its holdings in NovaGold Resources by 2.1% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 270,546 shares of the mining company’s stock valued at $901,000 after buying an additional 5,546 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC increased its stake in shares of NovaGold Resources by 5.6% during the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 371,128 shares of the mining company’s stock worth $1,228,000 after purchasing an additional 19,712 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.