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

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares gapped up prior to trading on Wednesday . The stock had previously closed at $2.88, but opened at $3.03. NovaGold Resources shares last traded at $3.09, with a volume of 506,266 shares trading hands.

Wall Street Analyst Weigh In

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

NovaGold Resources Stock Down 1.0 %

The firm’s 50 day simple moving average is $3.04 and its 200 day simple moving average is $3.39. The company has a market cap of $997.26 million, a price-to-earnings ratio of -22.92 and a beta of 1.05.

Hedge Funds Weigh In On NovaGold Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC lifted its holdings in shares of NovaGold Resources by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company’s stock valued at $26,000 after buying an additional 6,959 shares during the period. Squarepoint Ops LLC acquired a new stake in NovaGold Resources in the 4th quarter valued at about $35,000. Wolverine Trading LLC boosted its position in shares of NovaGold Resources by 4,789.1% during the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock valued at $53,000 after purchasing an additional 16,666 shares in the last quarter. AXQ Capital LP bought a new position in shares of NovaGold Resources during the 4th quarter valued at about $59,000. Finally, Jump Financial LLC acquired a new position in shares of NovaGold Resources in the 4th quarter worth approximately $67,000. Institutional investors 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.