NovaGold Resources (NYSEAMERICAN:NG) Trading Down 2.2% – Here’s Why

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares dropped 2.2% during trading on Friday . The stock traded as low as $3.34 and last traded at $3.38. Approximately 1,160,719 shares were traded during trading, a decline of 45% from the average daily volume of 2,095,837 shares. The stock had previously closed at $3.45.

NovaGold Resources Stock Performance

The company’s 50 day simple moving average is $3.22. The company has a market capitalization of $1.12 billion, a P/E ratio of -25.81 and a beta of 1.05.

Institutional Investors Weigh In On NovaGold Resources

Institutional investors have recently added to or reduced their stakes in the stock. Lingotto Investment Management LLP boosted its position in NovaGold Resources by 3.5% during the 4th quarter. Lingotto Investment Management LLP now owns 20,902,054 shares of the mining company’s stock worth $69,604,000 after acquiring an additional 702,636 shares during the last quarter. Kopernik Global Investors LLC lifted its position in shares of NovaGold Resources by 23.1% in the fourth quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company’s stock worth $56,633,000 after purchasing an additional 3,187,981 shares in the last quarter. Vanguard Group Inc. boosted its holdings in NovaGold Resources by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 10,754,870 shares of the mining company’s stock worth $35,963,000 after purchasing an additional 169,209 shares during the last quarter. State Street Corp boosted its holdings in 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 during the last quarter. Finally, Geode Capital Management LLC grew its position in NovaGold Resources by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company’s stock valued at $10,220,000 after purchasing an additional 20,218 shares in the last quarter. 57.56% of the stock is owned by 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.