NovaGold Resources (NYSEAMERICAN:NG) Trading Up 7.3% – Time to Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares traded up 7.3% during trading on Wednesday . The stock traded as high as $3.29 and last traded at $3.33. 793,471 shares were traded during mid-day trading, a decline of 59% from the average session volume of 1,952,949 shares. The stock had previously closed at $3.10.

NovaGold Resources Stock Up 4.7 %

The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -24.96 and a beta of 1.05. The company’s fifty day moving average price is $3.22.

Institutional Investors Weigh In On NovaGold Resources

Several institutional investors have recently modified their holdings of NG. Mackenzie Financial Corp lifted its stake in NovaGold Resources by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company’s stock valued at $483,000 after buying an additional 3,871 shares during the period. Wolverine Trading LLC boosted its stake in NovaGold Resources by 4,789.1% during the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock worth $53,000 after acquiring an additional 16,666 shares during the last quarter. Vident Advisory LLC increased its stake in NovaGold Resources by 6.7% in the fourth quarter. Vident Advisory LLC now owns 211,388 shares of the mining company’s stock valued at $704,000 after purchasing an additional 13,288 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in NovaGold Resources in the fourth quarter worth $35,000. Finally, Two Sigma Investments LP boosted its position in shares of NovaGold Resources by 74.8% during the fourth quarter. Two Sigma Investments LP now owns 317,029 shares of the mining company’s stock worth $1,056,000 after purchasing an additional 135,705 shares in the last quarter. Institutional investors and hedge funds 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.