NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up – Still a Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $3.50, but opened at $3.60. NovaGold Resources shares last traded at $3.44, with a volume of 219,368 shares trading hands.

Analyst Ratings Changes

NG has been the topic of a number of recent analyst reports. StockNews.com cut NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. National Bank Financial downgraded NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Citigroup raised NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd.

NovaGold Resources Stock Performance

The stock has a market capitalization of $1.13 billion, a P/E ratio of -26.08 and a beta of 1.06.

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

Institutional Investors Weigh In On NovaGold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NG. Allspring Global Investments Holdings LLC bought a new position in shares of NovaGold Resources in the first quarter valued at $28,000. Northwest & Ethical Investments L.P. acquired a new stake in shares of NovaGold Resources during the third quarter worth $31,000. Sheaff Brock Investment Advisors LLC purchased a new stake in shares of NovaGold Resources during the first quarter valued at $32,000. AQR Capital Management LLC acquired a new position in shares of NovaGold Resources in the 2nd quarter valued at $49,000. Finally, Evoke Wealth LLC purchased a new position in NovaGold Resources in the 2nd quarter worth about $66,000. 57.56% of the stock is currently owned by 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.