NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 4.3% – Time to Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s share price traded down 4.3% during mid-day trading on Friday . The company traded as low as $3.05 and last traded at $3.02. 594,607 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 1,737,455 shares. The stock had previously closed at $3.15.

Wall Street Analyst Weigh In

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

NovaGold Resources Trading Down 6.8 %

The company has a market capitalization of $982.20 million, a P/E ratio of -22.58 and a beta of 1.06.

Institutional Trading of NovaGold Resources

Institutional investors have recently made changes to their positions in the business. State Street Corp lifted its position in shares of NovaGold Resources by 5.0% during the third quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock worth $17,717,000 after purchasing an additional 206,610 shares in the last quarter. Geode Capital Management LLC boosted its stake in NovaGold Resources by 0.3% in the third quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company’s stock valued at $12,497,000 after acquiring an additional 9,629 shares during the last quarter. Bank of Montreal Can raised its position in shares of NovaGold Resources by 26.5% during the 3rd quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company’s stock valued at $5,377,000 after acquiring an additional 267,713 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of NovaGold Resources by 20.5% during the third quarter. Wellington Management Group LLP now owns 1,146,787 shares of the mining company’s stock worth $4,702,000 after purchasing an additional 195,117 shares during the period. Finally, Barclays PLC boosted its holdings in NovaGold Resources by 19.9% during the third quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock worth $3,762,000 after buying an additional 152,164 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.