NovaGold Resources (NYSEAMERICAN:NG) Shares Up 5.1% – Time to Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price was up 5.1% on Tuesday . The company traded as high as $3.74 and last traded at $3.73. Approximately 351,231 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,707,930 shares. The stock had previously closed at $3.55.

Analyst Ratings Changes

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

NovaGold Resources Price Performance

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -28.92 and a beta of 1.07.

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

Institutional Investors Weigh In On NovaGold Resources

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in NovaGold Resources by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock valued at $31,134,000 after acquiring an additional 367,401 shares in the last quarter. American Century Companies Inc. bought a new position in NovaGold Resources in the 2nd quarter valued at about $2,029,000. First Eagle Investment Management LLC raised its position in shares of NovaGold Resources by 16.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after buying an additional 3,042,480 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of NovaGold Resources by 24.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company’s stock worth $3,105,000 after acquiring an additional 173,817 shares during the period. Finally, Lingotto Investment Management LLP boosted its position in shares of NovaGold Resources by 10.2% during the 2nd quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock worth $67,222,000 after acquiring an additional 1,790,528 shares in the last quarter. 57.56% of the stock is currently 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.