NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down – What’s Next?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.44, but opened at $3.31. NovaGold Resources shares last traded at $3.31, with a volume of 318,147 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NG. National Bank Financial cut shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. StockNews.com cut shares of NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. Finally, Citigroup raised shares of NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.

NovaGold Resources Price Performance

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

Hedge Funds Weigh In On NovaGold Resources

A number of hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in NovaGold Resources in the 1st quarter valued at $28,000. BNP Paribas Financial Markets grew its position in NovaGold Resources by 13.6% in the 1st quarter. BNP Paribas Financial Markets now owns 298,180 shares of the mining company’s stock valued at $895,000 after buying an additional 35,743 shares during the last quarter. Empowered Funds LLC purchased a new position in NovaGold Resources in the 1st quarter valued at $135,000. Sei Investments Co. grew its position in NovaGold Resources by 26.3% in the 1st quarter. Sei Investments Co. now owns 403,120 shares of the mining company’s stock valued at $1,209,000 after buying an additional 84,055 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in NovaGold Resources by 37.0% in the 1st quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company’s stock valued at $6,359,000 after buying an additional 572,273 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.