NovaGold Resources (NYSEAMERICAN:NG) Trading Down 3.7% – Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price dropped 3.7% during trading on Monday . The stock traded as low as $3.28 and last traded at $3.27. Approximately 1,277,393 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 1,580,152 shares. The stock had previously closed at $3.39.

Analyst Ratings Changes

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

NovaGold Resources Price Performance

The business has a fifty day moving average of $3.22. The stock has a market cap of $1.02 billion, a P/E ratio of -23.54 and a beta of 1.05.

Institutional Trading of NovaGold Resources

Large investors have recently added to or reduced their stakes in the business. Barclays PLC lifted its holdings in shares of NovaGold Resources by 19.9% in 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 in the last quarter. State Street Corp raised its stake in shares of NovaGold Resources by 5.0% in the third quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock valued at $17,717,000 after acquiring an additional 206,610 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of NovaGold Resources by 21.5% during the third quarter. JPMorgan Chase & Co. now owns 394,749 shares of the mining company’s stock valued at $1,618,000 after purchasing an additional 69,785 shares during the period. Bank of Montreal Can grew 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 worth $5,377,000 after buying an additional 267,713 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in 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 valued at $4,702,000 after buying an additional 195,117 shares during the period. 57.56% of the stock is currently 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.