NovaGold Resources (NYSEAMERICAN:NG) Trading Up 5.4% – Time to Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was up 5.4% on Wednesday . The company traded as high as $3.72 and last traded at $3.70. Approximately 229,371 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 1,694,748 shares. The stock had previously closed at $3.51.

Analysts Set New Price Targets

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

NovaGold Resources Stock Up 7.7 %

The company has a market capitalization of $1.26 billion, a PE ratio of -28.77 and a beta of 1.07.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly 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).

Institutional Investors Weigh In On NovaGold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NG. American Century Companies Inc. acquired a new position in NovaGold Resources during the 2nd quarter valued at approximately $2,029,000. First Eagle Investment Management LLC boosted its position in NovaGold Resources by 16.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after purchasing an additional 3,042,480 shares during the period. Bank of New York Mellon Corp boosted its position in NovaGold Resources by 24.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company’s stock valued at $3,105,000 after purchasing an additional 173,817 shares during the period. Lingotto Investment Management LLP boosted its position in NovaGold Resources by 10.2% during the 2nd quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock valued at $67,222,000 after purchasing an additional 1,790,528 shares during the period. Finally, Bank of Montreal Can boosted its position in 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 purchasing an additional 267,713 shares during the period. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.