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

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up prior to trading on Friday . The stock had previously closed at $3.50, but opened at $3.60. NovaGold Resources shares last traded at $3.44, with a volume of 219,368 shares changing hands.

Analyst Upgrades and Downgrades

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

NovaGold Resources Price Performance

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 Trading of NovaGold Resources

Several large investors have recently added to or reduced their stakes in the stock. Northwest & Ethical Investments L.P. purchased a new position in NovaGold Resources during the third quarter worth about $31,000. BNP Paribas Financial Markets increased its holdings in shares of NovaGold Resources by 15.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company’s stock worth $284,000 after buying an additional 9,009 shares during the last quarter. Bank of Montreal Can raised 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 valued at $5,377,000 after buying an additional 267,713 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in NovaGold Resources in the third quarter valued at approximately $223,000. Finally, Intech Investment Management LLC purchased a new position in NovaGold Resources in the third quarter worth approximately $182,000. 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.