NovaGold Resources (NYSEAMERICAN:NG) Stock Price Down 4.4% – Time to Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price traded down 4.4% during trading on Friday . The company traded as low as $3.47 and last traded at $3.48. 743,291 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 1,830,831 shares. The stock had previously closed at $3.64.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NG. StockNews.com lowered NovaGold Resources from a “hold” rating to a “sell” rating in a research report on Sunday, July 28th. National Bank Financial lowered NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th.

NovaGold Resources Trading Down 5.8 %

The company has a market capitalization of $1.15 billion, a P/E ratio of -26.85 and a beta of 1.05.

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

Hedge Funds Weigh In On NovaGold Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the business. First Eagle Investment Management LLC grew its holdings in shares of NovaGold Resources by 16.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock worth $74,340,000 after acquiring an additional 3,042,480 shares during the last quarter. Lingotto Investment Management LLP boosted its position in NovaGold Resources by 10.2% during the second quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock valued at $67,222,000 after purchasing an additional 1,790,528 shares during the last quarter. Paulson & CO. Inc. increased its stake in shares of NovaGold Resources by 5.9% during the 4th quarter. Paulson & CO. Inc. now owns 23,541,483 shares of the mining company’s stock worth $88,045,000 after purchasing an additional 1,315,183 shares during the last quarter. American Century Companies Inc. bought a new position in shares of NovaGold Resources during the 2nd quarter valued at $2,029,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of NovaGold Resources by 37.0% in the 1st quarter. Russell Investments Group Ltd. now owns 2,119,689 shares of the mining company’s stock valued at $6,359,000 after purchasing an additional 572,273 shares during the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.