Novagold Resources (NYSEAMERICAN:NG) Shares Gap Down – Here’s What Happened

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped down before the market opened on Friday . The stock had previously closed at $4.15, but opened at $3.95. Novagold Resources shares last traded at $4.03, with a volume of 400,462 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. 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 lifted their price target for the company from $5.00 to $7.00 in a report on Wednesday, June 4th.

Novagold Resources Stock Performance

The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -17.00 and a beta of 0.63. The company has a 50-day moving average price of $4.00 and a 200-day moving average price of $3.48.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its stake in Novagold Resources by 13.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock valued at $5,159,000 after acquiring an additional 210,631 shares in the last quarter. Rhumbline Advisers lifted its stake in Novagold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company’s stock valued at $1,137,000 after acquiring an additional 9,797 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources in the 1st quarter valued at approximately $157,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Novagold Resources by 1.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after acquiring an additional 4,896 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Novagold Resources by 103.9% in the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after acquiring an additional 22,289 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.