NovaGold Resources (NYSEAMERICAN:NG) Shares Down 2.2% – Should You Sell?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) fell 2.2% during trading on Friday . The stock traded as low as $3.34 and last traded at $3.38. 1,160,719 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 2,095,837 shares. The stock had previously closed at $3.45.

NovaGold Resources Price Performance

The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -25.81 and a beta of 1.05. The company’s 50 day simple moving average is $3.22.

Hedge Funds Weigh In On NovaGold Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp grew its position in shares of 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 purchasing an additional 3,871 shares during the last quarter. Wolverine Trading LLC grew its holdings in NovaGold Resources by 4,789.1% in the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company’s stock valued at $53,000 after buying an additional 16,666 shares in the last quarter. Vident Advisory LLC increased its position in NovaGold Resources by 6.7% during the 4th quarter. Vident Advisory LLC now owns 211,388 shares of the mining company’s stock worth $704,000 after buying an additional 13,288 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of NovaGold Resources during the fourth quarter worth $35,000. Finally, Two Sigma Investments LP lifted its holdings 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 buying an additional 135,705 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.