NovaGold Resources Sees Unusually High Options Volume (NYSEAMERICAN:NG)

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was the target of some unusual options trading activity on Wednesday. Stock traders bought 3,685 call options on the stock. This is an increase of approximately 310% compared to the average daily volume of 899 call options.

NovaGold Resources Trading Up 7.4 %

Shares of NG stock opened at $4.67 on Thursday. The stock has a market cap of $1.56 billion, a P/E ratio of -35.92 and a beta of 1.05. The stock has a 50 day moving average of $3.09 and a 200 day moving average of $3.40. NovaGold Resources has a twelve month low of $2.26 and a twelve month high of $5.06.

Institutional Investors Weigh In On NovaGold Resources

A number of large investors have recently made changes to their positions in the stock. Sterling Capital Management LLC increased its position in shares of NovaGold Resources by 814.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company’s stock valued at $26,000 after purchasing an additional 6,959 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of NovaGold Resources in the fourth quarter valued at approximately $35,000. Wolverine Trading LLC raised its stake in shares of NovaGold Resources by 4,789.1% during the fourth quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock worth $53,000 after purchasing an additional 16,666 shares during the last quarter. AXQ Capital LP purchased a new position in NovaGold Resources in the 4th quarter valued at $59,000. Finally, Jump Financial LLC purchased a new stake in shares of NovaGold Resources in the fourth quarter valued at about $67,000. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.