NovaGold Resources (NYSEAMERICAN:NG) Trading Down 4.4% – Time to Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares were down 4.4% during trading on Friday . The stock traded as low as $3.47 and last traded at $3.48. Approximately 743,291 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 1,830,831 shares. The stock had previously closed at $3.64.

Analysts Set New Price Targets

Several research firms recently weighed in on NG. StockNews.com cut NovaGold Resources from a “hold” rating to a “sell” rating in a research report on Sunday, July 28th. National Bank Financial cut shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th.

NovaGold Resources Stock Down 5.8 %

The stock has a market capitalization of $1.15 billion, a P/E ratio of -26.85 and a beta of 1.05.

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

Institutional Trading of NovaGold Resources

Several hedge funds have recently modified their holdings of NG. SG Americas Securities LLC grew its holdings in NovaGold Resources by 18.6% during the 3rd quarter. SG Americas Securities LLC now owns 196,785 shares of the mining company’s stock worth $807,000 after acquiring an additional 30,833 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of 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 purchasing an additional 8,521 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of NovaGold Resources in the second quarter valued at approximately $49,000. Evoke Wealth LLC bought a new position in NovaGold Resources in the 2nd quarter worth approximately $66,000. Finally, Sei Investments Co. lifted its holdings in NovaGold Resources by 6.3% during the 2nd quarter. Sei Investments Co. now owns 428,410 shares of the mining company’s stock worth $1,482,000 after buying an additional 25,290 shares in the last quarter. Institutional investors and hedge funds 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.