NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 4.3% – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) dropped 4.3% on Thursday . The company traded as low as $4.45 and last traded at $4.49. Approximately 4,310,106 shares were traded during mid-day trading, an increase of 84% from the average daily volume of 2,338,790 shares. The stock had previously closed at $4.69.

Analyst Ratings Changes

NG has been the subject of a number of analyst reports. National Bank Financial raised NovaGold Resources to a “hold” rating in a report on Friday, March 21st. Royal Bank of Canada raised NovaGold Resources from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $5.00 to $7.00 in a report on Wednesday.

NovaGold Resources Stock Down 4.5%

The firm has a market capitalization of $1.41 billion, a PE ratio of -32.38 and a beta of 1.05. The business has a 50-day moving average price of $3.55 and a 200-day moving average price of $3.46.

Institutional Investors Weigh In On NovaGold Resources

A number of institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in shares of NovaGold Resources by 21.0% in the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company’s stock valued at $48,000 after buying an additional 2,848 shares in the last quarter. Mackenzie Financial Corp boosted its holdings 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 purchasing an additional 3,871 shares during the period. MetLife Investment Management LLC boosted its holdings in NovaGold Resources by 3.7% in the first quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company’s stock valued at $399,000 after purchasing an additional 4,880 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in NovaGold Resources by 1.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after purchasing an additional 4,896 shares during the period. Finally, Robertson Stephens Wealth Management LLC boosted 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 purchasing an additional 5,546 shares during the period. 57.56% of the stock is owned by institutional investors and hedge funds.

About NovaGold Resources

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.