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

Posted by Trent Williams on Nov 27th, 2024

NovaGold Resources Inc. (NYSEAMERICAN:NG – Get Free Report) (TSE:NG)’s share price gapped down before the market opened on Monday . The stock had previously closed at $3.65, but opened at $3.53. NovaGold Resources shares last traded at $3.51, with a volume of 69,819 shares changing hands.

Wall Street Analyst Weigh In

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

Read Our Latest Research Report on NG

NovaGold Resources Price Performance

NovaGold Resources (NYSEAMERICAN:NG – Get Free Report) (TSE:NG) last released its earnings results on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Hedge Funds Weigh In On NovaGold Resources

Hedge funds have recently bought and sold shares of the company. Northwest & Ethical Investments L.P. bought a new stake in NovaGold Resources during the 3rd quarter valued at about $31,000. AQR Capital Management LLC purchased a new position in NovaGold Resources in the 2nd quarter worth approximately $49,000. Evoke Wealth LLC bought a new position in NovaGold Resources in the 2nd quarter valued at approximately $66,000. Cypress Wealth Services LLC purchased a new stake in NovaGold Resources during the 2nd quarter valued at $70,000. Finally, Toronto Dominion Bank increased its holdings in shares of NovaGold Resources by 67.3% in the 3rd quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company’s stock worth $96,000 after purchasing an additional 9,377 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

About NovaGold Resources

(Get Free Report)

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.